Foreign i nvestors eye € 3.5 bln in corporate bonds
Foreign investors have set their sights on the latest series of corporate bonds, with the prices currently negotiated exceeding initial estimates, due mainly to the recent five-year treasury bill issue that was well received.
With Greece expected to issue new sovereign bonds in the near future, foreign investors have bought state and corporate bonds worth 5.1 bln euros since the start of 2013, with about 2.5 bln being invested in corporate bonds in the past few months. With more Greek companies planning to issue bonds, this is expected to increase to 3.5 bln euros.
Greek businesses have been issuing corporate bonds in the Global Exchange Market in Ireland or the Euro MTF market in Luxemburg.
The ten companies currently negotiating in the Luxemburg market includes OTE, Titan, Piraeus Bank, Alpha Bank, National Bank, Eurobank, Intralot, ELPE, Frigoglass and Motor Oil.
These companies are also considering the possibility of drawing up to 5 mln euros from the Athens Stock Exchange, after the new corporate bond market was launched in the Alternative Market (ENA).