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Bond Market News
Piraeus Bank Upgraded to BB By S&P
July 5, 2024
Piraeus Bank has been upgraded by a notch to BB from BB- by S&P. The rating agency also upgraded the holding company of the bank, Piraeus Financial Holding S.A. by a notch to B+. The upgrade reflects improved economic and funding prospects in the current economic environment. Piraeus reduced its Non Performing Exposure (NPE) ratio down to 3.5% as of end-March 2024, down from 6.6% in Q1 2023, and increased its coverage to 60.2%. Greek Banks’ funding and liquidity profiles continued to improve, despite repayment of most targeted longer-term refinancing operations funding from the ECB. Given the positive economic prospects, S&P expects the asset quality of the bank to remain sound in the next two years.
Piraeus Bank’s 8.25% 2027s traded stable at 106.78, yielding 3.66%
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