Greece tries to raise money on bond markets after upgrade

ATHENS, Greece (AP) — Greek officials say the country has launched its first 10-year bond auction since 2010, as it seeks to gradually regain the confidence of international investors and wean itself off bailout funds.

The debt issue comes at an opportune moment for Greece, as its yields hover around their lowest point in more than a decade after Moody’s ratings agency raised the country’s credit rating by two notches.

The pricing of the new bond is expected to be announced later Tuesday.

It is Greece’s second foray into capital market financing since the end of its third, and last, bailout program in August. The government raised 2.5 billion euros ($2.85 billion) through a healthily oversubscribed five-year bond in January.

The country lost financial market access and signed its first bailout deal in mid-2010.

By Associated Press