Alpha Bank draws €2.9B in demand for €700M bond
What's the deal? Alpha BankDealroom has a profile for this one. Try Dealroom → has priced a €700 million senior preferred bond issue after attracting €2.9 billion of demand from investors, the Greek bank said on Monday. The fixed-rate reset notes are due on March 28, 2031, and carry a coupon of 4.3888%.
Why now? The bank priced the notes on September 18 as part of managing its funding and liability structure. It simultaneously extended a voluntary tender offer for €500 million of senior preferred notes due in 2028, letting holders switch into the new issue.
Who bought in? More than 110 investors joined the issue, with fund managers, banks, and wealth management firms taking 95% of the allocation. Foreign investors accounted for 79%, which Alpha Bank said showed international interest in the group and the Greek economy.
The final order book stood at €2.6 billion, following peak demand of €2.9 billion during pricing. The notes are aimed at professional investors, not retail buyers, with a minimum denomination of €100,000.
What's the endgame? The bank can call the notes after three and a half years. International financial institutions acted as dealer managers for the tender offer and joint lead managers for the new issue.
The signal: At €700 million, the deal ranks in the top 10% of post-IPO debt rounds raised by Greek issuers over the past four years. The strong foreign uptake points to renewed investor confidence in Greece's banks.
Read more: cyprus-mail.com
Image credit: Tilemahos Efthimiadis
