Financial economics

Fitch affirms Bank of Cyprus's covered bonds at 'CCC'

Fitch Ratings announced on Monday it has affirmed the rating of Bank of Cyprus’s 1-billion-euro outstanding residential mortgage covered bonds at CCC.

This follows the upgrade of BoC’s long-term issuer default rating (IDR) to CC from RD (Restricted Default) as a result of the lifting of capital controls in Cyprus.

Fitch has also upgraded Hellenic Bank to CCC from RD. [Reuters]

HFSF examines plan for banks' swift return to private hands

By Yiannis Papadoyiannis

A large window of opportunity has opened for the faster privatization of the country’s systemic lenders and the state’s immediate recovery of a significant share of the funds placed in sustainable banks thanks to the exceptionally favorable investment mood regarding Greece on the grounds of its imminent economic rebound.

Fitch Affirms Bulgaria at 'BBB-'; Outlook Stable

Fitch Ratings has affirmed Bulgaria's Long-term foreign currency Issuer Default Rating (IDR) at 'BBB-' and its Long-term local currency IDR at 'BBB'.

The Country Ceiling has been affirmed at 'BBB+' and the Short-term foreign currency IDR at 'F3', according to a media statement of the international credit rating agency published on July 4.

Electrica stock exchange trading passes 2.6 M euros, investors making 6-7pct in profits

The small investors in the initial public offering of Romanian power producer Electrica stocks were rushing into selling the shares on Friday, the very first day these have been traded on the Bucharest Stock Exchange, and they have managed gaining profits at 6-7 percent as compared to the price for which they had purchased Electrica shares in the IPO a few days ago.

Local bank stocks regain global appeal

By Yiannis Papadoyiannis

One after another, 13 foreign credit institutions and investment firms have announced their predictions for a rise in the share prices of Greece’s systemic banks that averages out at 18 percent above the current levels, reflecting their strong expectations for the country and foreign investors’ ever-growing willingness to expose themselves to Greek risk.

National to absorb Ethniki Kefalaiou

 NBG looks set to boost its assets by 400 mln euros and its capital adequacy ratio by 70 basis points

By Yiannis Papadoyiannis

National Bank of Greece is proceeding with the absorption of its corporate management subsidiary Ethniki Kefalaiou, as Kathimerini understands that the decision has already been approved at all corporate levels and will be immediately enforced.

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