Greek lender Alpha Bank has completed a financing transaction of USD 250 million through shipping securitisation with US investment bank Citi.
“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,” CEO of Alpha Bank, Demetrios P. Mantzounis said.
This is the second such transaction carried out by the bank which follows the inaugural shipping securitisation issuance of USD 500 million in 2014.
The transaction is a non-recourse 4-year term dollar funding with a unique structure and the only shipping securitisation transaction placed by a Greek bank, according to Alpha Bank.
“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,” Citi’s EMEA Head of Markets and Securities Services, Leonardo Arduini, commented.
The maritime sector continues to suffer from the retrenchment of its traditional capital sources.
The availability of funding for shipowners, which has already been scarce, is becoming ever more restricted and further threatened by the pressure from regulators, in Europe in particular.