Bank of America is positive about the bonds issued by Greek banks, noting that the faster reduction of non-performing loans of banks to single-digit levels by 2022, improves the quality of their assets and offers opportunities for investors in their bond issues.
BoA recommends “increased positions” (overweight) “seeing” relative value for the senior securities of Eurobank with a coupon of 2% and 2.25%, the National Bank’s with a coupon of 2.75% and for the Tier 2 title of Piraeus Bank with a coupon of 5, 5%, while “market weight” is recommended for the AT1 issue with a coupon of 8.75% of Piraeus, given that the bank’s funds are comparatively weaker than the other two.
National is considered a top choice, with the CET1 core regulatory capital ratio moving to 16% and expected to increase by 1.7% as soon as the Frontier securitization and the sale of insurance activities close in the second half of this year, while the CET1 target is (fully loaded) at 15.2% for 2022, is achievable.
Bank of America recommends overweight positions for senior preferred and market weight in Tier2.
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