Piraeus tightens 50bp to land €400m T2 at 9.75%

David Freitas

June 19, 2019 02:15 pm

Piraeus2_PA-230x150 — October 4, 2018 - Athens, Greece - Piraeus bank branch in Athens. Greek banking shares are down sharply amid investor fears over the lenders' needs to reduce their large stock of bad loans resulting from the financial crisis. The index of bank stocks was down 10 percent in Athens on Wednesday amid reports that some of the bigger banks plan to more aggressively write off bad loans. (Credit Image: © Aristidis VafeiadakisZUMA Wire) | Aristidis Vafeiadakis/Zuma Press/PA Images

Piraeus Bank found enough appetite in the market on Wednesday to launch the first tier two bond out of Greece since the crisis. It raised €400m of capital at a coupon of 9.75% — 50bp tighter than initial price thoughts.

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David Freitas