The sale will be the first bond auction from the country since all 16 eurozone leaders agreed an aid package for Greece last week.

The deal saw the leaders agree to provide Greece with up to €22bn should its lending market dry up, with the possible inclusion of funds from the IMF. This bond sale will therefore be seen as a real test of whether the deal has shored investor’s confidence in the country.

No target figure has yet been confirmed, but the Financial Times reported that the Greek government hopes to raise €5bn (£4.5bn) from the issue of the seven-year bonds, which look likely to priced at 310 basis points over swaps.

The debt management agency chose Merrill Lynch-Bank of America, Société Générale, ING Bank and local banks Emporiki Bank – the Greek subsidiary of Crédit Agricole – and Alpha Bank to manage the issue.

The government says the transaction will be launched and priced in “the near future”, subject to market conditions. The bond will be due on April 20, 2017.