Upgrades and sovereign supply bode well for Greek covered bonds

By Bill Thornhill
05 Mar 2019

Greek covered bond issuers could be ready to return to the market this month, with banks expecting ratings upgrades following an upgrade for the sovereign last week. With the Hellenic Republic attracting strong demand for its 10 year on Tuesday, Greek issuers have the potential to extend their covered bond curves.

Moody’s upgraded Greece by two notches to B1 last Friday. Since covered bond ratings are capped by the sovereign rating, the upgrade should lead to an improvement in Greek covered bond ratings.

Moody’s rates the covered bond programmes of Alpha Bank, National Bank of Greece and Eurobank ...

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