Chicago, Jan. 18 – Eurobank Ergasias Services and Holdings SA priced €300 million of fixed-rate resettable callable subordinated tier 2 notes due 2034 (Ba3//B+), according to a market source.
The notes will start with a 6¼% coupon. Pricing at 99.492, the initial yield was 6 3/8%. Initial talk was in the 6 7/8% area.
The initial rate will reset on April 25, 2029 to the five-year mid-swap rate plus 370.7 basis points.
The notes are callable at par from Jan. 25, 2029 to the reset date.
Morgan Stanley (billing and delivery), UBS Europe SE, BNP Paribas, BofA Securities, Inc. and JPMorgan are the bookrunners.
The order book was reported at above €1.5 billion.
Proceeds will be used for general financing requirements.
The financial company is based in Athens.
| Issuer: | Eurobank Ergasias Services and Holdings SA
|
| Amount: | €300 million
|
| Issue: | Fixed-rate resettable callable subordinated tier 2 notes
|
| Maturity: | April 25, 2034
|
| Bookrunners: | Morgan Stanley (billing and delivery), UBS Europe SE, BNP Paribas, BofA Securities, Inc. and JPMorgan
|
| Coupon: | 6¼% initial rate; resets on April 25, 2029 to five-year mid-swap rate plus 370.7 bps
|
| Price: | 99.492
|
| Yield: | 6 3/8%
|
| Call features: | Par from Jan. 25, 2029 to April 25, 2029
|
| Trade date: | Jan. 18
|
| Settlement date: | Jan. 25
|
| Ratings: | Moody’s: Ba3
|
| Fitch: B+
|
| Distribution: | Regulation S
|
| Price talk: | 6 7/8% area
|
| ISIN: | XS2752471206
|
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