Greece’s Piraeus Bank To Sell Bonds After 5 Year Hiatus

Greece’s PIRAEUS BANK SA (OTCMKTS:BPIRY) is poised to sell its first unsecured bond from the country since 2009 as investors are showing willingness to lend to banks. If successful, the issue would be marked as the weakest rated bank credit to raise senior debt. Five year hiatus from market financing Greece’s second largest lender, Piraeus last visited the euro senior unsecured market back in September 2009, when it priced a 500m September 2012 issue with a 4% coupon. It was rated A2/BBB+/A- at the time. Currently, the bank is only rated Caa1/CCC/B-. Interestingly, the cost of insuring senior bank debt against…