Greek debt deal done

The Greek 10 yr bond issuance is complete, priced to yield 6.385% which is about 300 bps above the 10 yr euro interest rate swap, as discussed this morning. That level though is down from the 350 bps spread that was priced into the 5 year auction last month. As I wrote this morning, the healthy demand comes after yesterday’s release on more deficit cutting steps and with Germany and France implicitly joining the list of rich uncle rescuers that include the US government (aka, the US taxpayer), Abu Dhabi, the IMF, and all other countries that helped their banking system.

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