Eurobank completes 1-bln-euro funding with Greek state bonds in interbank market

Eurobank on Tuesday announced the completion of a funding agreement with Greek state bonds in the international interbank market, worth 1.0 billion euros, the first such agreement for 2011.

The agreement covers a period between three months to two years and covers Greek state bonds worth 1.0 billion euros. The agreements, signed with four international banks, envisage a Euribor interbank rate plus a spread ranging from 150 to 200 basis points depending on the duration of the agreement. Eurobank is currently using around 3.0 billion euros from its bond portfolio to raise funds from international markets.

Nikolaos Karamouzis, the bank’s deputy chief executive, said Eurobank’s agreements in international markets were the headstart to opening up capital markets to Greek banks, a major step in the long road towards restoring money market operations.

Karamouzis said Eurobank has organized a series of road shows in Greece and abroad in the last few months to present the prospects of the bank, of the Greek banking system and of the Greek economy in general, to international banks, institutional investors, large private customers, international media and credit rating firms.

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