Greece raises 1.5 billion euros in 3-year bond auction, with yield set at 3.5 per cent

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ATHENS, Greece – Greece has raised 1.5 billion euros ($2.04 billion) in an auction of three-year bonds, its second debt issue in three months after a long absence from the international markets.

The finance ministry said Thursday it had accepted 1.5 billion euros of the 3 billion euros offered by investors, and that the yield had been set at 3.5 per cent.

It expressed satisfaction with the sale, which it said was carried out amid an “exceptionally unfavourable economic climate in the international markets yesterday and today.” Bond markets sank Wednesday and Thursday in a pullback after sharp gains, and following announcements by the Federal Reserve that it would end it stimulus program in October.

Greece was frozen out of bond markets in 2010 and was saved from bankruptcy by an international bailout.

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