February 10, 2011
A year after Greece was shut out of the bond market and pushed to the brink of default, investment bankers are being lured back as the country reorganizes its financial services industry.
Barclays Plc, Credit Suisse Group AG and Goldman Sachs Group Inc. were among underwriters that earned 44.4 million euros ($61.3 million) last month helping Athens-based Piraeus Bank SA, the nation’s fourth-biggest lender, raise 807 million euros in a rights offering, company filings show. As more of the nation’s banks seek capital and the government sells assets, investment banking may be poised to recover.
The Greek government’s inability to borrow, as its funding costs surged to the highest in the euro region, battered the corporate finance market, typically worth as much as $300 million in annual banking fees. With the yield premium on 10- year bonds to German debt shrinking to a three-month low last week, international bankers are back hunting for transactions.
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