Eurobank ends seven year senior odyssey

By Frank Jackman
28 Apr 2021

Greek lender Eurobank returned to the market this week to land €500m of senior paper for its minimum requirement for own funds and eligible liabilities (MREL) at a yield above 2%, proving the market is there for even for very risky credits.

“We started the week with a single ‘A’ rated non-preferred note from LBBW, and now this is the other side of the spectrum,” said one banker away from Eurobank’s deal.

“It’s clearly dedicated at a completely different investor base, tending in the direction of high yield ...

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