Alpha goes soft after ECB’s CPT discrimination

Alpha Bank Oxi PA 230x150
By Bill Thornhill
07 Dec 2017

Alpha Bank has structured a newly rated covered bond programme in soft bullet format. The move is in contrast to its Greek peers, which have all recently issued from conditional pass through (CPT) programmes.

The choice of structure follows the European Central Bank’s announcement that it will not invest in CPTs, and comes ahead of a probable tightening in repo terms for such deals.

On Wednesday Moody’s assigned Alpha Bank’s newly structured Mortgage Covered Bonds II programme a preliminary rating of B3 based ...

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