Investors agree on new Greek bonds

BRUSSELS: Private investors agreed on Tuesday that the coupon on new, 30-year Greek bonds that will replace existing paper under a debt swap will start from a lower level than previously discussed and rise in stages, a euro zone official said.

The coupon will start at 2 percent and increase to 3 percent before 2020. From 2021, the coupon will be 4.3 percent and hold steady to maturity, the official said.

Until now, discussions with investors on the restructuring of privately held debt assumed a coupon of 3 percent between now and 2020, rising to 3.75 percent from 2021 to maturity.