Two new corporate bond issues expected by Christmas

Another two large enterprises are expected to follow the steps of Housemarket and to issue corporate bonds by Christmas, Nikolaos Troullinos, first vice-president of the Capital Market Commission said on Friday.

Addressing the 1st Thessaloniki Summit, Troullinos said the Capital Market Commission may have the role of market supervisor but its new management emphasized also on growth: by deregulating interest rates on bonds and introducing crowd funding. He added that the market authority will present more actions in the near future allowing private equity companies to issue bonds. Troullinos said there was an institutional gap in microfinance, adding it was a pity that Greek banks “hesitated and not taking the initiative to play the steam-engine role for the support small and medium-sized enterprises”.

European Bank for Reconstruction and Development (EBRD) is determined to play a leading role in the development of the Greek capital market and particularly products related with listed corporate bonds, Alkis Drakinos, EBRD’s deputy head for Greece said. Addressing the 1st Thessaloniki Forum, Drakinos said: “By participating in a bank recapitalization and offering specific funding tools or securitization of liabiities…we find that the banking system cannot go so fast so there is a need for an alternative way of funding, such as the development of the capital market and particularly of products related with corporate bonds, such as Housemarket of Fourlis Group. EBRD intends to play a leading role in these efforts. Healthy Greek enterprises can find alternative ways of funding,” he said.