Greece
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Alpha Bank and Eurobank closed bookbuilding for their capital raisings on Tuesday evening, having secured enough demand from investors to completely fill their capital holes, without any need for public funds.
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The capital raisings of Greece’s four largest banks, totalling €6bn, continue to dominate the news in equity capital markets this week, though the IPO market is bringing its fair share of deals as well.
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A delayed agreement struck between Greece and its European partners on Tuesday looked set to reassure investors considering investing in the capital raises of Greece’s four largest banks.
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The capital raisings of Greece’s four largest banks are likely to close later than many had expected, after a Eurogroup meeting failed to deliver an agreement at the weekend.
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One of the main events of the end of the year in equity capital markets is under way, as Greece’s four main banks line up capital raisings to cover yet another shortfall, writes Olivier Holmey.
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Alpha Bank has launched on November 11 a share sale to raise €1.66bn, as part of its €2.74bn capital strengthening plan, to address capital weakness discovered in recent EU stress tests.
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Alpha Bank has launched a €1.6bn share offer, looking to build on new equity created from a debt exchange as it tries to fill a near €3bn capital hole with private funds.
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Political risk appeared to be influencing investors’ decision making on Monday, as a trio of eurozone periphery sovereigns underperformed their peers in secondaries. But there was better news for Cyprus, which more than halved its one month borrowing costs at an auction.
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Greek banks will have to address a €14.4bn capital shortfall as part of plans to strengthen the viability of the country’s banking system, said the European Central Bank on October 31.
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Greek banks will have to address a €14.4bn capital shortfall as part of ongoing plans to strengthen the viability of the country’s banking system, said the European Central Bank on Saturday.
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Greece’s yields screamed lower on Monday despite reports that the country’s creditors are unhappy with its government’s reform efforts. Meanwhile, Cyprus could bring a bond after completing a roadshow last week.
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Standard and Poor’s downgraded Piraeus Bank’s outlook from “selective default” to “default” on Monday, adding to the difficulties facing Greek banks.