In hybrid and bond repurchases will go Piraeus and Alpha bank - the whole industry will boost the funds of 800 million to 1 billion
23/02/12 - 08:19
Between 800 million and 1 billion are estimated to be the capital of Greek banks profit from bond buybacks.
After the effort of the National funds that supported the 302 million and Eurobank, which increased its capital by 250 million bond repurchase plans and produce hybrid securities such as Piraeus and Alpha bank.
Approvals will be given by the BoG and will soon proceed to repurchases.
These movements have an obvious and clear target.
Cheaper to buy back bonds issued offering a premium compared to negotiate low prices.
Eg if a bank has a value in a common bond 50 bp and the bank offers a 60 bp and the bond that expires in 2 years many people would think to sell.
The National recently boosted its capital by 302 million euros. The bank became part of covered bonds maturing 2016 and the five series of preferred securities guaranteed non-cumulative dividend, holders of securities 753,287,000 total nominal value of EUR 47,507,000 dollars and 39,223,000 pounds.
Capital gain of 250 million euros for Eurobank emerged after the completion of proposals for the repurchase of hybrid securities.
Settlement of transactions will be held today February 23, 2012
Versions of Alpha and Piraeus
Alpha in the past there have been major versions.
He published tier II subordinated bonds 545 million.
Around 2.6 billion common bond. Total Alpha versions amount to 2.237 billion euros.
The bank has issued and securitization business and consumer of EUR 4.5 billion.
Piraeus has EMTN 931 million euros, 975 million securitization, ie a total of 1.788 billion euros.
It has tier 1 hybrid version that affects 200 million in capital and tier ii subordinated debenture 400 million.
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