Alpha Bank's restructured CPT covered bond bodes well for market return

Alpha Bank Oxi PA 230x150
By Bill Thornhill
10 Jun 2019

After restructuring its soft bullet programme to a conditional pass through (CPT), Alpha Bank’s covered bonds have been upgraded to Baa3, making them eligible for repo with the European Central Bank, thereby improving their appeal with investors, putting the bank in a stronger position for a return to the market.

The covered bonds issued off Alpha Bank’s Global Covered Bond Programme II were upgraded to Baa3 from Ba1 on June 5 after the programme was restructured by sole arranger, Barclays, to a CPT.

The structure considerably reduces the probability of a covered bond default as Alpha ...

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