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Greece’s Alpha Bank to securitise 1 bln eur of shipping loans

June 27, 2014

Greece’s fourth-largest lender Alpha Bank plans to securitise about 1.0 billion euros ($1.36 billion) of shipping portfolio loans this summer, expecting to raise about 500 million euros, banking sources told Reuters on Friday.

The transaction will be mainly arranged by Citigroup, one source familiar with the deal said. Citi declined to comment.

“We are working on a plan to securitise about 1 billion euros worth of shipping portfolio loans, aiming to conclude the deal in the summer,” a senior Alpha banker said, declining to be named.

“The securitisation will get us funding of about 500 million euros. The bonds will have a five-year maturity and will be privately placed,” the banker added.

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Source: Cyprus Mail

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