Greece starts 15-year bond auction as market rates favorable

The sun sets behind the lighted ancient Philopappu monument, right, and the Saronic golf, left, during a cloudy day in Athens, on Monday Dec. 2, 2019. (AP Photo/Petros Giannakouris) (Copyright 2016 The Associated Press. All rights reserved.)

ATHENS – Greece has launched an auction for a 15-year bond, aimed at taking advantage of low interest rates and a recent sovereign credit rating upgrade.

The Public Debt Management Agency is reportedly hoping to raise up to 2.5 billion euros ($2.75 billion) in the auction that will be concluded later Tuesday.

Greece has successfully tapped the bond market after ending its last international bailout program in 2018 and creditors have granted the country a major package of repayment relief measures valid through 2032.

Tuesday's auction is the country's first effort to borrow money on the market that goes beyond that date.

Fitch ratings on Friday agency raised Greece’s credit rating by one notch to BB with a positive outlook.