Commerzbank

The Greek state is proceeding with the issue of a new 10-year bond and has hired six banks to lead the the deal, according to an Athens Stock Exchange announcement on Monday.

Developments over the past week have felt eerily familiar for those of us who followed the global financial crisis in 2008. Analysts argued in early 2008 that Bear Stearns' problems were a result of poor management and a failure to hedge risk. The spread of instability to a European bank (Commerzbank) was considered to be limited. Sound familiar?

Bank shares around the world collapsed despite assurances from US President Joe Biden that the US financial system is safe, the BBC reported.

The decline in the stock's value comes after Biden vowed to do whatever it takes to protect the banking sector following the collapse of Silicon Valley Bank and Signature Bank.

Greece is likely to make its 2023 market debut on Tuesday with a syndicated issue of a new 10-year bond, in the context of the front-heavy strategy by the Public Debt Management Agency, in view of the further interest rate increases expected by the European Central Bank, but also general elections, which may cause market volatility and instability.

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.

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%.

Private lender İşbank on May 27 announced that it became the first Turkish bank to offer payment guarantee in foreign trade using blockchain technology.

The Greek state has increased its cash leeway for meeting the challenges of the Covid-19 crisis by 2 billion euros thanks to Wednesday's issue of a seven-year bond, Greece's first market foray after the outbreak of the health crisis in Europe and the country's inclusion in the European Central Bank's emergency bond-buying program.

Greece opened books for a new seven-year bond issue, Refinitiv's capital markets news service IFR, reported on Wednesday.

Guidance was set at mid-swaps plus 230 basis points.

Banks which are seeking for a new European financial centre after Brexit have so far turned their preferences to Frankfurt, according to a study by German bank Helaba.

By the end of August, 31 banks had chosen to establish or expand their operations in the western German city to secure their presence in the EU after London leave the bloc.