Alpha Bank has completed its second shipping securitisation transaction and raised $250m.
Following the inaugural shipping issuance in 2014 with Citi, the Greek bank said it has once again enhanced and diversified its liquidity position.
Alpha Bank added this is the only transaction placed by a Greek bank and one of the very few such deals globally.
It is a non-recourse four-year term dollar funding and will give Alpha Bank’s shipping clientele the chance to execute complex deals.
Demetrios Mantzounis, chief executive of Alpha Bank, said: “The successful completion of this new financing transaction with a top international financial organisation demonstrates once more the bank’s ability to diligently support such transactions and contributes significantly to the implementations of Alpha Bank’s business goal for funding diversification by utilising all its assets efficiently.”
The first securitisation was completed in December 2014 and – from the Greek bank’s perspective – it was the first transaction placed with investors since 2008.
Leonardo Arduini, Citi’s EMEA head of market and security services, said: “The transaction underlines Citi's strong and continued commitment to working with Alpha Bank and key industry partners in developing and delivering innovative market solutions to the shipping industry.”
