The Greek government said it reached its target in the biggest sovereign restructuring in history, with a 95.7 percent participation rate among investors after it received approval to activate collective action clauses, Bloomberg reports.
Bondholders tendered 152 billion euros of Greek-law bonds, or 85.8 percent, after the government offered to swap their holdings for new securities under the debt exchange. Twenty billion euros of foreign-law bonds were also tendered, according to an e-mailed statement from the Greek Finance Ministry.
The euro was down 0.3 percent at $1.3239 after the release at 8:40 a.m. in Athens. Asian stocks rose for a second day.
“I wish to express my appreciation to all of our creditors who have supported our ambitious program of reform and adjustment and who have shared the sacrifices of the Greek people in this historic endeavor,” Finance Minister Evangelos Venizelos said in the statement. He is due to hold a press conference at 1 p.m. Athens time.
