Greece
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The deal may open the door to other Greek banks issuing in foreign currencies and markets -
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
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Bigger concessions become an important way to mitigate volatility in swap spreads
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Bankers expect sovereigns to take advantage of run of good news
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Moody’s and DBRS to opine on sovereign debt after market close
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Deteriorating issuance conditions could make a tough MREL buildout even tougher for straggling Greek banks
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The Single Resolution Board says Greek lenders will need to issue €14.5bn in the next three years
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Proceeds will go towards increasing the bank’s loan portfolio to €2bn
