Greece

Steeper curves cloud long-dated issuance for next year, with reordering of relative value pecking order to persist

Despite next year's funding needs remain limited to around €8bn, the sovereign is confident its positive story will help its spreads maintain their outperformance

◆ Late start followed with quick updates ◆ Fair value debated ◆ Greek paper getting 'too tight' for some investors

◆ €500m 6NC5 senior priced at 90bp over mid-swaps ◆ Concession debated ◆ Rounds out a successful year for Greek banks

◆ Alpha enjoys IG welcome ◆ Order book five times subscribed with a touch of concession ◆ South European banks' 'convergence pattern'

◆ French political turmoil 'largely isolated' as Piraeus sets new Greek AT1 records ◆ Euro unsecured market 'strong and resilient' ◆ Orders peak above €3bn but lack splash of recent AT1 books

Most lenders from 2019 SLL returned for this financing

◆ Greek bank's first bond of the year vastly improves on last year's financing ◆ Scarcity appeal, buyback, and higher UniCredit ownership help crunch spread ◆ Old bond to be bought back above par

◆ Strong demand for senior bank debt at tight valuations ◆ Arkéa lures insurers seeking higher yielding investments ◆ NBG achieves 'blowout' for 4NC3 funding a tender

◆ New chapter in Greek banks' rehabilitation story ◆ Issuer 'reprices' Greek banks' short end curve due to huge demand from buyers of established FIG debt ◆ Deal reconfirms appetite for higher spread products

◆ Greek bank’s unique approach benefits both legs ◆ Follows overhaul of assets and NPLs ◆ Capital and credit specialists among buyers

◆ Issue follows success of Eurobank AT1 debut ◆ Multiple times covered ◆ Rare visit to primary market