After a notable silence, Greece is back in the market with a e100 million transaction. While the underlying assets veer from past public-sector assets, the sovereign has stepped in as it has in past transactions to lend its support.

The New Economy Development Fund (TANEO) transaction is a fund of funds designed to support the development of new technology. The collateral backing the notes will consist of equity investments in venture capital funds that invest in small- and medium-sized companies from new-economy sectors. The issuer is incorporated by the Greek sovereign, according to market analysts, to invest as a minority shareholder in these venture capital funds.

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