Greece

The European Central Bank has beaten a case against it by a group of Italian investors claiming damages over the 2012 restructuring of Greek debt.

The Bank of Cyprus has got one step closer to issuing its first covered bond benchmark since being recapitalised. The conditional pass through programme got an investment grade rating from Moody’s, which for the first time took a fully de-linked approach.

Cyprus slashed nearly 15% from its three month borrowing costs at an auction on Friday. Meanwhile, Greece announced plans for a sale of six month paper.

The world needs a strong, stable eurozone. And that requires a strong, stable Greece. The talks necessary to make that a reality must not be placed on hold while Europe’s leaders fret and argue over the growing refugee crisis. Europe will only be a true source of hope to the needy outside its borders when it engenders faith from those within.

Italy shunted just over €2bn of redemptions due over the next three years into the next decade, as Portugal sliced several basis points from its short term borrowing costs.

Spain kicked off a busy week for the eurozone periphery with a bill sale where the sovereign’s borrowing costs repeated their pattern for much of this year by bumping around 0%.

The Euromoney Smaller European Companies Index Series currently comprises 1350 companies across 16 European countries.

Greek banks’ senior unsecured bonds suffered another sharp fall on Monday after Eurogroup president Jeroen Dijsselbloem said bondholders would be bailed in to protect even uninsured depositors.

Italy’s short term borrowing costs hit a euro-era record low on Wednesday — but, despite a bail-out deal between Greece’s government and creditors looking imminent, the country’s costs failed to move at a bill auction on the same day.

Eurozone government yields dropped on Tuesday after the European Commission said the Greek government had struck a bail-out deal “in principle” — but the agreement does not signal the end of the euro market’s troubles, said SSA bankers.

Poseidon Containers, the Greek shipping company, has suspended its plan to list on the New York Stock Exchange, blaming unfavourable market conditions.

Greek yields fell on Monday as fast as headlines appeared suggesting a deal could soon be reached on a third bail-out package for the country. But bankers are still wary of a last minute disaster.