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

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By David Freitas
19 Jun 2019

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.

The Greek bank decided to open books on Wednesday instead of Tuesday as initially planned, choosing Goldman Sachs and UBS to run the transaction.

They set out initial price thoughts of 10.25% area for the tier two security, which matures in 10 years and is callable ...

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