HFSF benefits from the price rise of main lendersí stocks
By Yiannis Papadoyiannis
Just four months after the completion of the recapitalization of Greeceís four systemic banks, the Hellenic Financial Stability Fund (HFSF) has already recovered (at least on paper) a large part of the funds it placed on the lenders.
The intense investment interest fed by aggressive buying by foreign portfolios has led to a major increase in the price of credit sector stocks, meaning the HFSF has already recouped most of the losses it incurred a few months ago.
In the case of Alpha Bank in particular, the current price of its stock covers almost 50 percent of its share capital increase, which barring a dramatic reversal to the course of the country, renders certain the exercise of the warrants and the return of the lender to private hands by 100 percent.
After Tuesdayís 10 percent jump to 3.95 euros, the stock of National Bank is just 7.9 percent below the price of the capital increase, while Piraeusís price is 14.5 percent below the increase.