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Bond Market News
Piraeus Bank Upgraded to BB- by S&P
February 3, 2025
Piraeus Bank was upgraded by a notch to BB- from B+ by S&P. The upgrade comes on the back of the improvement in Greece’s banking system due to stronger regulatory oversight, consolidation, and macroprudential measures. This has aligned the nation’s banking system with eurozone standards. According to S&P the decrease in restructuring charges, coupled with banks’ wide margins, have supported the restoration of banks’ bottom lines. Additionally, the leading Greek banks are working on enhancing their capital quality by fast-tracking deferred tax credit (DTC) amortization. Piraeus Bank has announced that it will accelerate the amortization of DTCs, bringing their share of CET1 down from 78% in 2023 to 30% in 2027, and fully amortizing them by 2034.
Its bonds traded up by 0.1- 0.2 points – its 7.25% 2028s was up at 109.3, yielding 3.21%
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