October 7, 2019 / 1:34 PM / 8 days ago

UPDATE 1-Greece hires banks for reopening of March 2029 bond

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ATHENS, Oct 7 (Reuters) - Greece has appointed BNP Paribas , Citi, Goldman Sachs, HSBC and JPMorgan as joint lead managers to reopen an outstanding debt issue due March 2029, it said on Monday.

Athens is taking advantage of record low yields in the euro zone to beef up cash reserves and add liquidity to its shallow bond market.

The issue will be launched in the near future, subject to market conditions, it said.

Greece issued a 10-year bond in March priced with a yield of 3.9%. Since then the yield has dropped to about 1.37%.

The issue would be the fourth since the country emerged from its third international bailout in August last year.

Athens plans to "ensure its continuous presence in international bond markets" through high-liquidity bond issues, it said in a draft 2020 budget released on Monday. (Reporting by Angeliki Koutantou and Lefteris Papadimas Editing by David Goodman)

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