Chicago, March 7 – Hellenic Bank PCL priced €200 million of fixed-rate reset callable tier 2 subordinated notes (B2//B), an inaugural offering of that type for the issuer, on Tuesday.
The 10.25-year notes priced with a fixed 10¼% coupon until the reset date. The coupon will reset to the five-year mid-swap rate plus 685.4 basis points on June 14, 2028, according to a source.
The notes priced at par for a yield of 10.273%.
Initial price talk was 10¾% to 11%.
The notes can be called at par from March 14, 2028 to the June 14, 2028 reset date.
Barclays, BNP Paribas and J.P. Morgan are the joint bookrunners. BNP was handling billing and delivery.
The order book was over €875 million at final terms.
The notes will be listed in Luxembourg.
The bank is based in Cyprus.
| Issuer: | Hellenic Bank PCL
|
| Amount: | €200 million
|
| Issue: | Fixed-rate reset callable tier 2 subordinated notes
|
| Maturity: | June 2033
|
| Bookrunners: | Barclays, BNP Paribas (billing and delivery) and J.P. Morgan
|
| Co-manager: | Ambrosia Capital
|
| Coupon: | 10¼% initial rate; resets on June 14, 2028 to five-year mid-swap rate plus 685.4 bps
|
| Price: | Par
|
| Yield: | 10.273%
|
| Call: | t par from March 14, 2028 to June 14, 2028
|
| Trade date: | March 7
|
| Settlement date: | March 14
|
| Ratings: | Moody’s: B2
|
| Fitch: B
|
| Distribution: | Regulation S
|
| Price talk: | 10¾% to 11%
|
| Marketing: | Investor calls
|
| ISIN: | XS2597995112
|
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