On May 21, NYSE-listed owner Costamare became the first shipping company to sell a bond in Greece.
The Constantakopoulos-controlled container ship owner was overwhelmed and raised Euro 100m ($122m) from unsecured five-year bonds that will trade in the financial market of the Athens Stock Exchange (Athex), sales managers said in an announcement May 21.
The managers said the issue was heavily oversubscribed among potential investors in a book offering that ran from 19 May to 21 May.
Costamare received bids to sell bonds worth 6.7 times as much as it initially planned. As a result, the annual coupon for the five-year bond was set at just 2.7% - the bottom of the price range the company initially guided for.