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Piraeus Bank’s ratings were upgraded to BB- from B by Fitch yesterday. The rating action reflects the bank’s structurally improving profitability leading to the build up of sufficient capital buffers over regulatory requirements. The rating action also reflects Piraeus’ improved non-performing exposure (NPE) ratio which now stands closer to its domestic peers. Fitch expects Piraeus’s structurally improved profitability to drive further capital accumulation leading to improved access to the wholesale debt market. At end-June 2023, Piraeus’s Common Equity Tier 1 (CET1) ratio stood at 12.2%, while its NPE ratio was at 6.6%, significantly lesser to levels seen a year ago.
Piraeus EUR-denominated bonds were broadly flat with its 8.75% Perp trading at 90.67, yielding 12.9%.