Banca Griega
Podria ser el momento de entrar en banca Griega?
Hedge funds have been bottom fishing in Greece for the last year or so. Both Daniel Loeb’s Third Point Partners and Seth Klarmans Baupost Fund have scored huge gains in Greek government debt.
The largest lender in Greece, National Bank of Greece (NYSE ADR: NBG) recently announced its recap plans and it has been well received by the markets so far.
The bank received shareholder approval of a $12.75 billion capital raise that will allow it to stay in public hands rather than fall under full government control. A good deal of the funds will be provided by the Hellenic Financial Stability Fund in exchange for contingent convertible bonds or new shares, but 12% of the amount will be raised from outside investors.
The National Bank plan calls for a 1.71 billion euros rights offering and the rest from stock sold to the Hellenic Financial Stability Fund. The rights offering will include warrants allowing investors to buy back 7.33 shares from the fund for every share they subscribe for in the offering.
Several of the larger hedge funds are expected to participate in the National Bank of Greece offering. Although no funds have commented publicly, Europe’s largest credit fund CQS is also said to be interested in the recapitalization deals, as is Third Point.
Alpha Bank A.E. (ALBKY) has also announced a similar recapitalization plan. Under Alpha’s plan the bank will sell a rights offering including warrants to private investors to raise 10% of the total amount required. The rest will come from the Hellenic Fund.
The warrants entitle buyers to purchase 7.3 – 9 shares from the Hellenic Fund at fixed prices on a semiannual basis. The bank recently announced it had received sufficient commitments from outside investors to meet the 10% threshold.
Funds like Farallon Partners and York Capital Management are said to be investors in the Alpha Bank recapitalization.
S&P eleva el rating de Grecia un escalón, hasta B con perspectiva estable
La agencia de calificación credicitia Standard & Poors (S&P)…
en Seeking Alpha en el foro del GRE hace unos dias un tipo precisamente hablaba de meter ahora en bancos griegos para forrarse. lo pusieron "a caldo" y leyendo las razonadas respuestas se me quitaron las ganas de intentarlo