Greece
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Piraeus Bank is hoping to raise €600m of additional tier one capital as part of a set of actions aimed at strengthening its balance sheet. This week’s announcement comes a few months after the Greek lender had to convert €2bn of government-held contingent convertibles into equity. -
It was a long time coming, but Greece finally completed its curve with a 30 year bond on Wednesday. This was its first in the tenor since before the global financial crisis. The bond was a success, despite a choppy backdrop.
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Greece and the Flemish Community are preparing to sell syndicated bonds at the long end of the euro curve following a strong reception for France with the sale of its second green OAT on Tuesday.
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Alpha Bank priced a new tier two in line with its initial marketing range on Thursday, after failing to build up much momentum through the order book.
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Banco de Sabadell was met with good demand for the first euro additional tier one benchmark of the year on Tuesday, as investors welcomed a rare opportunity to pick up subordinated bank debt in the primary market. Alpha Bank could add to the supply later this week after unveiling plans for a new tier two transaction.
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Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, February 1. The source for secondary trading levels is ICE Data Services.
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A pair of sovereign borrowers hit the crowded euro bond market on Wednesday, pulling down a combined €7bn. Public sector issuance is showing no signs of slowing: Wednesday’s borrowers received huge orders.
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The European Union wrapped up its first bond of 2021 under the Support to Mitigate Unemployment Risks in an Emergency (SURE) funding programme in style with a quick execution and another impressively sized order book.
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The Finnish financial sector wants to put the brakes on new measures aimed at completing the Banking Union, arguing that EU member states should move back into a clearly defined process of risk reduction.
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Piraeus Bank is expected to have to convert its state-held contingent convertible bonds (CoCos) into equity, which will put the firm under Greek government ownership. The move comes after the Single Supervisory Mechanism this week refused the issuer’s request to settle its bond coupons in cash.
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Piraeus Bank expects to hear from the Single Supervisory Mechanism (SSM) this month about whether it can pay the annual coupon on its contingent convertibles (CoCos) in cash. A failure to honour the payment will result in the Greek state-held bonds being converted into equity.
