Piraeus awaits ECB verdict on CoCo coupons

Tyler Davies

November 02, 2020 12:15 pm

Piraeus_Bank_PA_575x375_021120 — October 4, 2018 - Athens, Greece - Piraeus bank branch in Athens. Greek banking shares are down sharply amid investor fears over the lenders' needs to reduce their large stock of bad loans resulting from the financial crisis. The index of bank stocks was down 10 percent in Athens on Wednesday amid reports that some of the bigger banks plan to more aggressively write off bad loans. (Credit Image: © Aristidis VafeiadakisZUMA Wire) | Aristidis Vafeiadakis/Zuma Press/PA Images

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.

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Tyler Davies