Piraeus bond issue to be first public debt sale from a Greek bank since 2009
Piraeus Banks planned bond issue will be the first public debt sale from a Greek lender since 2009 when the first cracks started to appear in the nations finances, according to UBS AG.
Piraeus, which has a capital shortfall of 425 million euros, is issuing debt before the Greek government returns to capital markets after its bailout, UBS said in a note to clients on Friday.
Many high-yield investors have the cash but lack the supply, said Armin Peter, head of European debt syndicate at UBS in London.
As long as it has a coupon it will work.
[Bloomberg]
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