Greece
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Equity investors showed they were stepping up in numbers to invest in primary growth capital raises across Europe after Elkem, the Norwegian silicone manufacturer, raised $228m-equivalent and Greek bank Piraeus completed a €1.38bn raise to help clean up its non-performing loan book. -
Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Tuesday, March 23. The source for secondary trading levels is ICE Data Services.
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Greece has struggled with the colossal challenge of rehabilitating its capital markets reputation since its debt crisis in 2009. But last week, it took a big step forward, returning to the 30 year tenor for the first time in well over a decade. Dimitrios Tsakonas, head of the Greek Public Debt Management Agency. told GlobalCapital about the journey the PDMA has undertaken.
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Piraeus Bank is hoping to raise €600m of additional tier one capital as part of a set of actions aimed at strengthening its balance sheet. This week’s announcement comes a few months after the Greek lender had to convert €2bn of government-held contingent convertibles into equity.
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It was a long time coming, but Greece finally completed its curve with a 30 year bond on Wednesday. This was its first in the tenor since before the global financial crisis. The bond was a success, despite a choppy backdrop.
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Greece and the Flemish Community are preparing to sell syndicated bonds at the long end of the euro curve following a strong reception for France with the sale of its second green OAT on Tuesday.
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Alpha Bank priced a new tier two in line with its initial marketing range on Thursday, after failing to build up much momentum through the order book.
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Banco de Sabadell was met with good demand for the first euro additional tier one benchmark of the year on Tuesday, as investors welcomed a rare opportunity to pick up subordinated bank debt in the primary market. Alpha Bank could add to the supply later this week after unveiling plans for a new tier two transaction.
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Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, February 1. The source for secondary trading levels is ICE Data Services.
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A pair of sovereign borrowers hit the crowded euro bond market on Wednesday, pulling down a combined €7bn. Public sector issuance is showing no signs of slowing: Wednesday’s borrowers received huge orders.
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The European Union wrapped up its first bond of 2021 under the Support to Mitigate Unemployment Risks in an Emergency (SURE) funding programme in style with a quick execution and another impressively sized order book.
