Greece's return to the long-term bond markets spelt a high-profile mandate for six investment banks - but two of this year's most active banks for peripheral issuance were conspicuous by their absence.

The Hellenic Republic's €3 billion five-year deal attracted more than €20 billion of demand for the bond issue, which was priced to yield 4.95%- lower than initial suggestions in the range of 5.25% to 5.5%.