GREECE
Macro/Political:
- Greece will today auction 26 Weeks T-Bills with maturity May 29, 2026. The amount to be auctioned is EUR 500mn.
Source: pdma.gr
Markets:
- Piraeus Bank raised EUR 500mn at a yield 3.376% (MS+98bps) through the issuance of a 6NC5 green senior preferred bond. Demand was strong with the final orders’ books closing above EUR 2 bn.
Source: Bloomberg
CYPRUS
- Fitch upgraded Bank of Cyprus to BBB from BBB-, stable outlook.
The upgrade reflects the improvement of the Cypriot operating environment score to ‘bbb’, which reflects Fitch’s assessment of improved business and financial prospects for Cypriot banks due to continued economic growth and falling unemployment and private sector indebtedness. The upgrade also factors in continued improvements in BoC’s standalone credit profile from a further reduced stock of legacy problem assets, sound profitability prospects and satisfactory capital buffers.
Source: Fitch
- Fitch upgraded Eurobank Limited to BBB from BBB-, stable outlook. The upgrade reflects the improvement of the Cypriot operating environment score to ‘bbb’, which reflects the Agency’s assessment of improved business and financial prospects for Cypriot banks due to continued economic growth and falling unemployment and private sector indebtedness. The upgrade also factors in Eurobank Ltd’s strengthened business profile following the merger with Eurobank Cyprus Ltd and the acquisition of CNP Assurances SA’s (A-/Stable) Cypriot insurance business, which result in increased revenue diversification in insurance and corporate and private banking, and stronger market shares in Cyprus.
Source: Fitch
