As stated by the bank in its announcement, it successfully completed the pricing of its first issuance of Additional Tier 1 Notes, without a fixed maturity, with a fixed interest rate and a fixed rate reset clause, and a contingent temporary write-down of capital, amounting to €500 million.
Investor confidence in the creditworthiness of Eurobank Holdings resulted in total demand reaching nearly €4 billion, allowing the yield on the notes to be reduced by 62.5 basis points, from the initial offer of 7.25% to 6.625%.
The notes do not have a specified maturity date and (according to their terms and conditions) include a call option at their nominal value on any coupon payment date on or after June 4, 2031. The settlement date is June 4, 2025, and the bonds will be traded on the Euro MTF market of the Luxembourg Stock Exchange.
The issuance attracted orders from high-quality international investors and was nearly eight times oversubscribed, gathering orders from 227 different investors.
Participation by foreign investors represents 89% of the book, mainly from the United Kingdom and Ireland (33%), France (28%), and Italy (7%). Of the allocation, 68% went to Asset Managers, 17% to Banks and Private Banks, and 12% to Alternative Investment Funds (Hedge Funds).
The issuance of the notes aligns with Eurobank Holdings Group’s strategy to further optimize its capital structure and strengthen the Group’s capabilities for additional strategic initiatives.
The issuance was coordinated by BNP PARIBAS, BofA Securities, Citigroup, Deutsche Bank, Morgan Stanley, and UBS Investment Bank.
