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Alpha Bank opens books on new three-year senior bond

Alpha Bank is set to offer the lowest new issue yield from a Greek bank since the country's institutions returned to the capital markets on Thursday, helping further cement the recovery story of one of the eurozone's most troubled jurisdictions.

The Caa1/CCC/B- rated bank is marketing the three-year bond at 3.75 percent area via Citigroup, HSBC, JP Morgan and Mediobanca.

This level is much lower than where Piraeus raised three-year funds back in March and capitalizes on the rally seen across all peripheral credits in recent weeks.

Piraeus which is rated Caa1/CCC/CCC priced a 500m euro three-year with a 5.125 percent yield. That transaction was yielding at 3.3 percent on Thursday, according to a bookrunner.

Alpha Bank's deal will also price tighter than where National Bank of Greece priced a 750m euro five-year in April. That deal came with a 4.375 percent coupon and was quoted at 4.2 percent.

The deal will be priced later Thursday, subject to market conditions. [Reuters]

ekathimerini.com , Thursday June 12, 2014 (12:17)  
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