As investors grow more comfortable with the direction of travel in Greece's financial sector, its banks have been regaining access to international debt capital markets (DCM). Over the past six months, three of Greece’s big four financial institutions have issued covered bonds, and NatWest Markets has been, uniquely, a bookrunner on each deal.
The banks were locked out of capital and interbank markets in 2011 as the euro crisis overtook Greece and other weaker members of the EU. Since then they have undergone a brutal process of deleveraging, together with successive rounds of recapitalisation.
