Greek Corporate Bonds Framework (EBRD-48846)

Countries
  • Greece
Where the impacts of the investment may be experienced.
Financial Institutions
  • European Bank for Reconstruction and Development (EBRD)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Bank Risk Rating
A
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Jun 20, 2017
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Sectors
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 111.36 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Currency conversion note:
Bank reported EUR 100 million
Converted using 2017-06-20 exchange rate.
Loan Amount (USD)
$ 111.36 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Currency conversion note:
Bank reported 100 million
Converted using 2017-06-20 exchange rate.
Project Cost (USD)
$ 556.82 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Currency conversion note:
Bank reported EUR 500 million
Converted using 2017-06-20 exchange rate.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Feb 23, 2018

Disclosed by Bank May 3, 2017


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Project Description

According to EBRD website, the project is a Greek Corporate Bond Framework which will support the development of the local capital market in Greece by:

a) signalling the Bank's commitment to develop the local corporate bond market;
b) launching a dedicated framework to respond quickly to emerging demand;
c) building market capacity thereby adding to depth and liquidity;
d) supporting access to finance through the capital markets for SMEs and midcaps; and
e) demonstrating to potential investors the viability of new issues.

Further, the Framework aims to support the development of the local corporate bond market in Greece by participating in public issues which will be listed on Athex. This will facilitate access of Greek corporates to the debt capital market. A well-functioning bond market expands companies' access to credit and provides alternative means of financing which is particularly relevant in Greece today where bank lending is constrained by the high level of NPLs.

It will also help build issuer momentum and investor interest by signaling potential market uptake for a series of issues, thereby encouraging sustained issuer presence and investor participation.

Investment Description
  • European Bank for Reconstruction and Development (EBRD)
Contact Information

General enquiries to EBRD: 
Telephone No.: +44 20 7338 7168
Email Address: projectenquiries@ebrd.com

ACCOUNTABILITY MECHANISM OF EBRD

The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent. You can contact the PCM at pcm@ebrd.com or you can submit a complaint online using an online form, http://www.ebrd.com/eform/pcm/complaint_form?language=en. You can learn more about the PCM and how to file a complaint at http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html.