Alpha Bank Securitize Shipping Loans
By Aiswarya Lakshmi
Friday, October 20, 2017
Greece's Alpha Bank has successfully completed its second financing transaction of $250 million through shipping securitization with Citi, following the inaugural shipping securitization issuance of $500 million in 2014.
"Alpha Bank has successfully completed its second financing transaction of USD 250 million through shipping securitisation with Citi, following the inaugural shipping securitisation issuance of USD 500 million in 2014," said a press statement.
The transaction, which further enhances and diversifies the liquidity position of the Bank, is a non-recourse 4-year term dollar funding with a unique structure and one of the very few shipping securitisation transactions globally.
As the only shipping securitisation transaction placed by a Greek bank, it reflects the confidence of the market in Alpha Bank and its shipping clientele and proves the ability of both counterparties to design and execute complex transactions.
The Managing Director – CEO of Alpha Bank, Demetrios P. Mantzounis commented: “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 implementation of Alpha Bank’s business goal for funding diversification by utilising all its assets efficiently”.
Citi’s EMEA Head of Markets and Securities Services, Leonardo Arduini, commented: "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".