Greece
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Sovereigns to test appetite for supply at longest points of their curves -
The issuance of green or sustainable bonds would cap off a remarkable comeback to the capital markets for Greece and further cement the sovereign’s status as a re-established frequent borrower.
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Greek sovereign could be latest European sovereign to enter green bond market
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Fitch Ratings is confident that Greek banks will be able to fulfil ambitious targets on asset quality by the end of 2022, feeding more optimism into a sector that is already enjoying a boom in capital markets this year.
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The ECB, as of this week, holds over a third of Greece’s government debt with its purchases showing no signs of slowing. But the end of the Pandemic Emergency Purchase Programme, scheduled for March next year, may mean a sudden halt.
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Greece's Alpha Bank attracted healthy demand for its €800m share sale, in the latest sign of the country’s economic rehabilitation following the eurozone crisis.
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Alpha Bank, the Greek banking group, has begun bookbuilding for its €800m share sale intended to strengthen its balance sheet as it enters a new stage of growth following the clean-up of Greece’s banking sector since the eurozone crisis.
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Investors had plenty of appetite for a super-high yielding additional tier one from Piraeus Bank this week. Will they still be hungry when Greek banks try and issue large volumes of senior debt for their regulatory requirements?
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Greece and NRW.Bank added to the week’s primary euro public sector supply on Wednesday ahead of a closely watched European Central Bank governing council meeting on Thursday.
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Piraeus Bank is monitoring market conditions for an additional tier one (AT1), which would be the first deal of its kind out of Greece. The issuer no longer requires as much debt capital following a share capital increase late last month. It had thought it would need as much as €600m in AT1 format.
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While Greece is nearing a return to investment grade status it still has a way to go before it reaches that summit, according to the major credit agencies.
