ATHENS Oct 5 The European Bank for
Reconstruction and Development (EBRD) said on Wednesday it
bought 15 percent of retailer Fourlis' 40 million euro
($45 million) bond last month, in another effort to kickstart
the ailing Greek economy.
Housemarket, a subsidiary of Fourlis which holds the IKEA
franchise in Greece, Bulgaria and Cyprus, said on
Tuesday that the first Greek corporate bond to be listed on the
Athens stock exchange was oversubscribed 1.25 times.
"This is a milestone in developing and boosting Greece's
capital market. The EBRD is delighted to have been able to
support this issue as it provides a much-needed signal to the
market that confidence is returning," the bank's director for
manufacturing and services Frederic Lucenet said in a statement.
Housemarket has said it will use the proceeds of the bond,
which is due to start trading on Thursday, to boost its working
capital and investments in IKEA.
The EBRD has offered more than 600 million euros in
financing to Greek private companies, banks and infrastructure
projects since 2015.
In recent months, it has agreed a $20 million loan for
Greece's sole oil producer Energean Oil & Gas and a 339
million euros loan for the country's biggest telecoms group OTE
($1 = 0.8914 euros)
(Reporting by Angeliki Koutantou; Editing by Alexander Smith)