FRANKFURT, Germany – Rhode Island-based investment firm Japonica Partners has offered to purchase nearly 10 percent of all bonds issued by the Greek government, the first time ever that a private investor has tendered for European government bonds, according to Canada Newswire.
The invitation comes through Yerusalem Hesed Ltd., an indirect subsidiary of Japonica Partners. In total, the bonds would amount to nearly 2.9 billion euros, or slightly less than 10 percent of the Greek government’s outstanding bonds. The purchase prices will be set via an unmodified Dutch auction — the first of its kind for sovereign bonds. The tender deadline is expected to be July 1.
“This tender offer reflects Japonica’s long-term perspective on Greece and the progress that the country has made to date,” a Japonica spokesperson said in a statement. “It is Japonica’s goal to align its investment interests with those of Greece.”
The minimum purchase amount is 1 million euros, and the invitation allows buyers to make immediate purchases and investors to withdraw ahead of the tender deadline or acceptance of the purchase.