Greece
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The sovereign is now one notch away from investment grade ratings from two of the big three agencies -
‘Fatigue’ in the market could be hurting smaller issuers
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Greece and a Canadian province both mandated for 10 year trades on Monday
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Southern European banks to lean on covered bonds for TLTRO refinancing
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Oversubscribed deal allows Greek lender to attain net new funding
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Lender will use favourable market to refinance a bond before its call date in February with tender offer
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The deal may open the door to other Greek banks issuing in foreign currencies and markets
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Expectations for rates stability have encouraged international investors to return to Greek bank debt
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The smaller Italian issuer was able to harness solid demand to net a 'good' 30bp price move
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Banks keen to use 'positive momentum' while the issuance window is still open
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Single-B rated deal could reopen market for Greek banks and peripheral eurozone financials
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Investors at risk of sizeable mark-to-market losses on sovereign bonds if bar to ECB intervention remains this high
