Alpha Bank covered bond draws unparalleled demand

By Bill Thornhill
25 Jan 2018

Alpha Bank was inundated with demand for its debut covered bond, benefiting from a series of positive credit events that have boosted the Greek sovereign, thereby enabling the issuer to print a considerably longer benchmark at a lower yield than its peers — and with much more demand.

Greece is on a roll. Five year government bond yields have fallen approximately 140bp since the end of last year, as a series of positive credit events have taken place for the country.

Alpha Bank took advantage of this on Thursday with a superbly timed covered bond — its ...

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