Chicago, Dec. 6 – Alpha Bank SA priced €450 million of 4.5-year reset senior preferred notes (Ba3/B+) on Tuesday, according to a market source.
The initial 7½% interest rate resets on June 16, 2026. The reset rate will use the one-year mid-swap rate and a 508.4 basis points margin.
The notes priced at 99.326 to yield 7¾%, or at Bunds plus 593.7 bps.
Initial price talk was in the 8% area.
The notes are redeemable at par on the reset date.
Demand was around twice deal size, above €850 million.
The Regulation S notes have BNP Paribas, Deutsche Bank, Goldman Sachs Bank Europe SE and Morgan Stanley as joint bookrunners. BNP is handling billing and delivery.
Proceeds will be used for general corporate and financing purposes of the group.
The notes will be listed on the Luxembourg Exchange.
The bank is based in Athens.
Issuer: | Alpha Bank SA
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Amount: | €450 million
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Issue: | Fixed-rate reset callable senior preferred notes
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Maturity: | June 16, 2027
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Bookrunners: | BNP Paribas (billing and delivery), Deutsche Bank, Goldman Sachs Bank Europe SE and Morgan Stanley
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Co-manager: | Alpha Bank
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Coupon: | 7½%; resets on June 16, 2026 to one-year mid-swap rate plus 508.4 bps
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Price: | 99.326
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Yield: | 7¾%
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Spread: | Bunds plus 593.7 bps
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Call features: | At par, in full, on reset date
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Trade date: | Dec. 6
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Settlement date: | Dec. 16
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Ratings: | Moody’s: Ba3
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| S&P: B+
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Distribution: | Regulation S
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Price talk: | 8% area
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ISIN: | XS2562213145
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