Alpha Bank prices €700 million senior preferred bond issue
Alpha Bank priced €700 million in senior preferred notes after attracting €2.9 billion in investor demand.
Athens, Greece. Alpha Bank has priced a €700 million senior preferred bond issue after attracting €2.9 billion in investor demand, the bank announced on Monday. The fixed-rate reset notes are due on March 28, 2031.
Bond terms and demand
The notes carry a coupon of 4.3888 per cent and can be called by Alpha Bank after three and a half years.
The final order book reached €2.6 billion, following demand of €2.9 billion during the pricing process.
More than 110 investors participated in the issue. Fund managers, banks and wealth management firms accounted for 95 per cent of the allocation, while foreign investors accounted for 79 per cent.
Alpha Bank said the participation demonstrated international interest in the prospects of the group and the Greek economy.
Tender offer
The bank priced the new notes on September 18 as part of its broader management of its funding and liability structure.
At the same time, Alpha Bank extended a voluntary tender offer for €500 million of senior preferred notes due in 2028, originally issued on September 23, 2021.
The offer allows holders of the existing notes, with ISIN XS2388172855, to sell their positions to the bank and transfer their investment into the newly issued notes.
Investor eligibility
International financial institutions are acting as dealer managers for the tender offer and joint lead managers for the new bond issue.
The new notes are intended for professional investors and eligible counterparties rather than retail investors.
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