Eurobank amends, extends three series of floating-rate covered bonds

By Mary-Katherine Stinson

Lexington, Ky., Sept. 12 – Eurobank SA made amendments to its €1.2 billion series 4 floating-rate covered bonds due February 2024 (ISIN: XS1410482951), its €650 million series 2 floating-rate covered bonds due November 2023 (ISIN: XS1900633212) and its €650 million series 3 floating-rate covered bonds due January 2024 (ISIN: XS1910934535), according to multiple notices.

In each case, the amendments were made with the consent of the trustee acting on the direction of 100% of holders.

For the series 4 covered bonds, the maturity date was extended to Feb. 20, 2027 from Feb. 20, 2024. The extended final maturity date was amended to Feb. 20, 2028 from Feb. 20, 2025.

Under the amendment, if an extended final maturity date is set and the final redemption amount is not paid in full on the final maturity date, payment of the unpaid amount will be automatically deferred until the extended final maturity date, provided that any amount due on the final maturity date may be paid by the issuer on any interest payment date occurring up to and including the relevant extended final maturity date.

The current outstanding principal of the series 4 bonds is €300 million.

For the series 2 bonds, the maturity date was extended to November 2025 from November 2023. The extended final maturity date was amended to November 2075 from November 2073.

Finally, for the series 3 bonds, which was comprised of two tranches, the maturity date for both was extended to Jan. 20, 2026 from January 2024. The extended final maturity date was amended to Jan. 20, 2076 from January 2074.

Both the series 2 and series 3 bonds have an outstanding principal amount of €500 million.

The series 2 and series 3 bonds were issued under the €5 billion global covered bond program III established on Oct. 15, 2018 with HSBC Corporate Trustee Co. (UK) Ltd. as trustee. The series 4 bonds were issued under the €5 billion global covered bond program II established on April 9, 2010 with Bank of New York Mellon (International) Ltd. as trustee.

The issuer is based in Athens.

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