Chicago, Jan. 9 – Piraeus Financial Holdings SA priced €500 million of 7¼% tier 2 notes with a 10.25-year tenor (B1//B) on Tuesday, according to a market source.
The subordinated notes will have 5.25 years of call protection.
The initial interest rate will reset to the swap rate plus a 477.3 basis points reset margin on April 17, 2029.
The notes priced at 99.519 to yield 7 3/8%. Initial price talk was at the 7¾% area.
BNP Paribas (billing and delivery), Barclays, BofA Securities, Goldman Sachs Bank Europe SE, Nomura and UBS Investment Bank are listed as joint bookrunners for the Regulation S deal.
The final order book was recorded at over €1.8 billion.
The notes will be listed in Luxembourg.
The financial services company is based in Athens.
| Issuer: | Piraeus Financial Holdings SA
|
| Amount: | €500 million
|
| Issue: | Tier 2 fixed-rate reset notes
|
| Maturity: | April 17, 2034
|
| Bookrunners: | BNP Paribas (billing and delivery), Barclays, BofA Securities, Goldman Sachs Bank Europe SE, Nomura and UBS Investment Bank
|
| Coupon: | 7¼% initial rate; resets on April 17, 2029 at swap rate plus 477.3 bps reset margin
|
| Price: | 99.519
|
| Yield: | 7 3/8%
|
| Trade date: | Jan. 9
|
| Settlement date: | Jan. 17
|
| Ratings: | Moody’s: B1
|
| Fitch: B
|
| Distribution: | Regulation S
|
| Price talk: | 7¾% area
|
| ISIN: | XS2747093321
|
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