Alpha Bank

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Bonds – Why the State proceeds to double exit in the markets

The Greek State is proceeding with the reissue of the 5-year and 30-year bonds, giving relevant orders to Alpha Bank, Barclays, Citi, Commerzbank and Morgan Stanley.

The information speaks of a possible pumping of 2 billion euros - 3.5 billion euros, where the annual planning may amount to a total of 14-15 billion euros.

Double entry in the markets with reissue of a 5-year and a 30-year bond

Greece is re-issuing its 5-year and 30-year bonds

The Greek State instructed Alpha Bank, Barclays, Citi, Commerzbank and Morgan Stanley as lead managers, to reissue the existing bond maturing in 2026 with a 0% coupon but also to reissue the 30-year bond, maturing on January 24, 2052 with a coupon at 1.875%.

Contraction up to 15% in first quarter

Economists at Greek banks expect the economy to contract between 10.5% and 15% in the first quarter of this year, with the extent of the recession to be determined by how long retail stores remain open, they say. However, the economy will stage a strong recovery in the latter half of the year, taking the sum of 2021 well into positive territory.

Smaller loan installments for hardest hit

As of January, Greek banks will implement reduced installment programs for well-serviced loans of those affected by the pandemic - businesses and households - that had been frozen since last April. 

The announcement came on Tuesday as the nine-month banking "moratoriums" gradually begin to expire at the end of December.