The Greek state on Wednesday auctioned a reopening of a five-year bond at a significantly lower cost.

The Public Debt Management Authority (PDMA) auction attracted bids of 1.086 billion euros, significantly up from the sought amount of 250 million euros, while the uniform yield of the issue reached 2.72%, down from 3.85% set last Oct. 18, 2023.

The issue last October sought 150 million euros, with 542 million euros eventually offered and with a coverage ratio of 3.61.

The coverage ratio for Wednesday’s reopening was 4.30, while the cut-off price reached 104.690 and the cut-off ratio 98%.

The reopening of the bond will have a fixed interest rate (GGB) of 3.875% with a maturity date of June 15, 2028