BUSINESS

Piraeus to buy into MIG's convertible bond

Greek investment group Marfin (MIG) is set to issue a convertible bond to raise 400 million euros, the latest Greek firm to issue corporate debt, two sources close to the deal told Reuters on Wednesday.

MIG, with holdings in healthcare, foods, real estate, tourism and shipping, will tap the market to raise cash following similar moves by Hellenic Petroleum, Intralot and Greek banks National and Piraeus.

The sources did not say what the funds would be used for.

Piraeus Bank, Greece's second-largest lender by assets, will take up about 250 million euros of MIG's convertible issue, the sources said.

MIG sold Olympic Air to Aegean Airlines last October, booking a capital gain of 42 million euros.

Greek companies started to return to capital markets with bond and equity offerings in March as expectations of economic recovery after a crippling debt crisis attract foreign investors to Greek assets.

[Reuters]

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