Alpha Bank, Greece's largest private sector bank as ranked by assets, is considering issuing its first residential mortgage-backed securitization next year. Dimitrios Tzelepis, head of investor relations in Athens, says Alpha is waiting for securitization legislation to pass through the Greek parliament before embarking on its debut deal. The legislation, which was introduced March 6, is expected to pass in the coming months.
Until recently, Greeks did not have a mentality for taking on debt, preferring to pay cash for property. However, that mindset is changing rapidly, says Vas Kosseris, a European structured finance analyst at Fitch Ratings in London. With the proliferation of credit cards and consumer loans, more opportunities for securitizations are being created. He expects RMBS deals to come first, because mortgages represent the largest collateral pools.
