Thursday October 2, 2014 Search
Weather | Athens
27o C
19o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Alpha Bank to securitise 1 billion euros of shipping loans, say sources

By George Georgiopoulos & Jonathan Saul

Greece's Alpha Bank plans to securitise about 1.0 billion euros ($1.36 billion) of shipping loans this summer in one of the first European asset-backed deals in this industry for years, a banker with Alpha Bank and another finance industry source said on Friday.

Europe's asset-backed market has not recovered from financial crisis, but the European Central Bank and the Bank of England have both said they want to revive it to provide money for credit-starved businesses and help to revitalize the region's economy.

Sources told Reuters that Alpha Bank expects to raise about 500 euros in the transaction, which basically bundles together a series of individual shipping loans.

One source familiar with the deal said the transaction would be mainly arranged by U.S. bank Citi (C.N). Citi declined to comment.

"We are working on a plan to securitise about 1 billion euros worth of shipping portfolio loans, aiming to conclude the deal in the summer," the senior Alpha banker said separately, declining to be named.

"The securitization will get us funding of about 500 million euros. The bonds will have a five-year maturity and will be privately placed," the banker added.

The Alpha banker said the money raised would help the bank funnel the liquidity into new loans and support the Greek economys recovery.

The deal also represents part of efforts by industry players to seek other ways to raise money to plug a multi-billion dollar funding gap caused by several European banks exiting the shipping sector or scaling back exposure in response to tougher regulations after the financial crisis.

"What this deal represents is a way for the bank to shift the loans and an alternative source of capital for the ship owners," an industry source said. [Reuters]

ekathimerini.com , Friday June 27, 2014 (16:53)  
Moscovici in charge of budgets seen prompting EU deficits debate
European stocks decline as investors await ECB policy meeting
Attica Bank said to have rejected notable offers
PMI index slides anew in September
Pensioners stage rally in central Athens
Parts of central Athens were closed to traffic on Thursday morning as dozens of pensioners staged a rally on Vassilissis Sophias Avenue. The pensioners were protesting against the government...
Piraeus bus routes altered due to metro station works
Bus routes in Piraeus were expected to be altered beginning on Friday due to works carried out at the city's metro station, it was announced Thursday. For more information on the upcoming bu...
Inside News
SOCCER
Rosenberg punishes Olympiakoss errors at Malmoe
A disappointing Olympiakos got the worst possible result from its clash with Malmoe in Sweden for the Champions League, going down 2-0 on Wednesday due to its own defensive errors and attack...
SOCCER
All team sports suspended next weekend in memory of dead fan
The government announced on Monday the suspension of all team sports events in Greece scheduled for next weekend, October 4 and 5, in the memory of the Ethnikos Piraeus fan who died a few ho...
Inside Sports
COMMENTARY
Theres money, still
The decision reached by Prime Minister Antonis Samaras and his deputy, Evangelos Venizelos, to seek a vote of confidence in Parliament on October 6, is a final attempt to restore order in th...
EDITORIAL
Confidence and corrections
The government must secure a vote of confidence in Parliament. Any other development would see the country enter very turbulent waters. Prime Minister Antonis Samaras and his cabinet must ag...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Pensioners stage rally in central Athens
2. Piraeus bus routes altered due to metro station works
3. Moscovici in charge of budgets seen prompting EU deficits debate
4. Air travel to run smoothly after air traffic controllers weekend strike deemed illegal
5. Doctors, medical employees strike over staff shortages, wages
6. European stocks decline as investors await ECB policy meeting
more news
Today
This Week
1. Doctors, medical employees strike over staff shortages, wages
2. Court to hear Kasidiriaris-Kanelli case
3. European stocks decline as investors await ECB policy meeting
4. Air travel to run smoothly after air traffic controllers' weekend strike deemed illegal
5. Moscovici in charge of budgets seen prompting EU deficits debate
6. Pensioners stage rally in central Athens
Today
This Week
1. Greece may opt for unusual president to avoid snap polls, Venizelos says
2. Woman allegedly buried alive by accident in northern Greece
3. Salaries in Greece continue to slide, dipping 1.4 pct in Q2
4. Should you bet with Kissinger on where the world is heading?
5. Cypriots divided by 1974 war seek Shariah hub
6. The shocking thought of euro-dollar parity
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2014, H KAΘHMEPINH All Rights Reserved.