Posts tagged 'EFG Eurobank Ergasias'

The OC (of Greek covered bonds)

Eurobank recently lowered the over-collateralisation (OC) of its second covered bond programme to the bare minimum allowed by Greece’s covered bond law. Avid covered bond-watchers (there must be a handful of you out there) will know of course, that specially designed legal frameworks are one of the big perks of the covered bond structure – along with juicy benefits like an overstuffing of assets and the dual recourse nature of the centuries-old debt instruments. Read more

Greek debt swap — spot the missing banks [updated]

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RBI to acquire stake in PRB

Raiffeisen Bank International has agreed to pay €490m ($668m) for a majority stake in Poland’s Polbank, highlighting the emerging Europe-focused lender’s push into central Europe’s largest economy, reports the FT. RBI said it would acquire 70% of the Polish retail and SME lender from Greece’s EFG Eurobank Ergasias and would then merge it with RBI’s existing corporate banking franchise. Eurobank will remain a minority shareholder in the merged entity, which will become Poland’s sixth-largest commercial bank by assets.

Moody’s downgrades five Greek banks

Moody’s on Wednesday downgraded the deposit and debt ratings of five Greek banks, citing “a weakening in the banks’ stand-alone financial strength and anticipated additional pressures stemming from the country’s challenging economic prospects in the foreseeable future.”

It’s worth remembering that the rating agency’s power over the Greek sovereign was lessened by the European Central Bank’s decision to keep the minimum credit threshold for eligible collateral at BBB- beyond the end of 2010. Still, the banking downgrades will do little to boost investor confidence. Read more