Greece
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Greece has appointed a syndicate to lead a tap of the 10 year bond it issued earlier this year, in what will be its fourth public transaction of 2019. The trade will be joined in the market by a new 10 year euro benchmark from the Province of Québec. -
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Borrowers across the eurozone periphery will have spied a chance to raise capital after deals from Greece and Italy’s Banco di Desio this week.
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Robust demand for this week’s covered bond from Banco di Desio e della Brianza has boosted hopes of further supply from the eurozone periphery. But, with further European Central Bank stimulus on the way, a supply ‘onslaught’ is unlikely.
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Greece took advantage of a significant rally in its government bonds to lock in its lower ever cost of funding on Tuesday.
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Greece picked banks on Monday for its third syndicated bond of the year as the sovereign looks to take advantage of a sharp rally in its yields to fund an early repayment of loans to the International Monetary Fund.
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In the space of just a few weeks, two Greek banks have made their first sales of capital instruments since the financial crisis: Piraeus Bank in June, followed by National Bank of Greece this week. With debt market valuations at all time highs, some market participants say that it is now or never for Europe's weakest financial institutions. David Freitas reports.
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National Bank of Greece showed market participants on Thursday that investors are still ravenous for higher beta products across peripheral Europe. Marketing a tier two bond, the bank attracted demand worth more than four times the final size of its €400m deal.
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National Bank of Greece said on Tuesday that it had picked banks to arrange a tier two bond transaction as part of its plans to raise €800m in the format. The bank could become only the second Greek issuer of subordinated debt since the financial crisis, following a new tier two from Piraeus last month.
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Energean Oil and Gas, the Greek exploration company listed on the London Stock Exchange, won strong investor support on Thursday morning for a transaction backing a new M&A deal.
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Piraeus Bank offered hope to other Greek banks hoping to access bond funding by printing a tier two bond on Wednesday. It was the first Greek issuer to have sold a deal in this asset class since the financial crisis, getting hefty orders in the process.
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Piraeus Bank found enough appetite in the market on Wednesday to launch the first tier two bond out of Greece since the crisis. It raised €400m of capital at a coupon of 9.75% — 50bp tighter than initial price thoughts.
