Greek banks line up Cocos to cover PSI losses

02 Jan 2013

Greece’s four largest banks are set to sell contingent capital instruments to the Hellenic Financial Stability Fund to cover part of the losses from 2012’s Greek sovereign debt swap.

The issuers are expected to announce exactly how much they aim to raise in the next few days. Market participants said that Greek banks had no chance of raising this cash in the public markets.

The recapitalisation must be completed by the end of April, and is expected to ...

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