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Loan portfolio management firm Pillarstone will be creating a company within the next few months that will gradually concentrate commercial properties worth 1 billion euros in total.
Read more: Pillarstone to create a vehicle for properties from banks
Almost 70 percent of the residence permits issued to date through the Golden Visa program have resulted from investments in the region of Attica, while foreign investment in the local property market is soaring.
The covered bond issue by the National Bank of Greece was completed on Tuesday, becoming the first Greek lender to tap the market since 2014 and securing the amount of 750 million euros at a rate of just 2.9 percent, far below the original estimate for 3.25 percent.
As many as 110 investors took part in the issue, offering the bank 2 billion euros. The bond was oversubscribed almost 2.7 times. Kathimerini understands that almost half of the investors were from the UK (45 percent), another 15 percent were from Germany, Austria and Switzerland, 15 percent from Italy and 14 percent from Greece.
It is the first time since 2009 that National has issued a covered bond, marking the bank’s return to international money markets. The issue is part of the lender’s efforts to regain its independence from the Bank of Greece’s emergency liquidity assistance (ELA) mechanism. NBG officials estimate that, following the successful bond issue, the bank will now be able to pay off all of its dues to the ELA mechanism by the end of the year.
Sector officials add that the success of the issue opens the way for other banks to return to the markets.
source: http://www.ekathimerini.com/222343/article/ekathimerini/business/national-bank-covered-bond-issue-proves-great-success
Greece aims to get binding offers from investors shortlisted for a 66 percent stake in state-controlled natural gas grid DESFA by the end of the year, two sources close to the process said on Wednesday.
Read more: Greece said to seek final bids for gas grid sale before year-end
The world’s biggest asset manager likes the look of Greek banks
Greece is planning new bond issues in 2018, according to the Finance Ministry’s draft budget released on Monday, which said they will include an exchange of bonds issued under a previous debt write-down in 2012 with new ones. [Reuter
Greece’s Economic Sentiment Index rose last month to its highest point since December 2014, the Foundation for Economic and Industrial Research (IOBE) announced on Monday, reflecting the decline in uncertainty resulting from the implementation of the bailout program and a good year to date in terms of tourism. The manufacturing industry also saw an improvement in its index.
On an official visit to Greece ahead of the launch of a third review of the country’s third international bailout next month, Eurogroup leader Jeroen Dijssebloem on Monday said he believed Greece could complete pending reforms by the end of the year with a view to a “clean exit” from fiscal supervision next year.
Greece is on a “good path” to completing the latest round of bailout talks by the end of the year, Dijsselbloem said, referring to “very strong” fiscal performance last year and this year.
Pillarstone, the European platform set up by US private equity firm KKR, is in advanced talks with creditor banks regarding the restructuring of the Notos Com Holdings group and frozen seafood company Kallimanis.
The debt management firm will provide the funds needed for the restructuring of the two enterprises’ debts and will take an active role in managing the companies too.
Read more: Pillarstone to tackle debts of Greek enterprises Notos Com Holdings and Kallimanis
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