The initial pricing of the Piraeus Bank bond is set at around 6.5%, with the bond expected to receive a B1 rating from credit rating agency Moody's
Piraeus Bank is issuing an AT1 (Additional Tier 1) bond, aiming to raise €600 million.
This bond is a CoCo (Contingent Convertible) type, meaning it can be converted into shares, and features a “perpetual” duration, with no fixed maturity date.
However, it cannot be called back during the first 7 years after its issuance.
The initial pricing of the bond sets the coupon rate at around 6.5%, with the bond expected to receive a B1 rating from credit rating agency Moody's.
The coupon will remain fixed for the first 7 years, until 2032.
Capital Boost
The funds raised will be used for general corporate and funding purposes, with the primary aim of further strengthening the bank’s capital base.
It may also include the partial refinancing of the bank's existing bonds.
Piraeus Bank has appointed leading financial institutions BNP Paribas, Goldman Sachs Europe, HSBC, JP Morgan, Morgan Stanley, and UBS Europe SE as the bookrunners for this offering.
www.bankingnews.gr
This bond is a CoCo (Contingent Convertible) type, meaning it can be converted into shares, and features a “perpetual” duration, with no fixed maturity date.
However, it cannot be called back during the first 7 years after its issuance.
The initial pricing of the bond sets the coupon rate at around 6.5%, with the bond expected to receive a B1 rating from credit rating agency Moody's.
The coupon will remain fixed for the first 7 years, until 2032.
Capital Boost
The funds raised will be used for general corporate and funding purposes, with the primary aim of further strengthening the bank’s capital base.
It may also include the partial refinancing of the bank's existing bonds.
Piraeus Bank has appointed leading financial institutions BNP Paribas, Goldman Sachs Europe, HSBC, JP Morgan, Morgan Stanley, and UBS Europe SE as the bookrunners for this offering.
www.bankingnews.gr
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