The process of issuing Alpha Bank’s new senior preferred bond has begun, with the initial interest rate set at 8%, while the goal is to raise 300 million euros.
BNP Paribas, Deutsche Bank, Goldman Sachs and Morgan Stanley as joint bookrunners are “running” the issue of the new bond, which has a duration of 4.5 years with the possibility of recall at 3.5 years, and is expected to receive a Ba3 rating from Moody’s and B+ from S&P, while it will be listed on the Luxembourg market.
Alpha’s issue is made in parallel with the bank’s offer to repurchase the €400 million bond that expires on February 14, 2024 and has a call date of February 2023, with a 3% coupon.
Alpha Bank during the process is expected to allocate New Bonds on a priority basis to Bond holders who validly submit their Bonds for redemption or bindingly confirm to the Proposer or to any of the Dealer Manager their intention to submit to redeem the Bonds under the Offer.
The Proposal aims to refinance the Bonds through the issuance of New Bonds and is part of the management of Alpha Bank’s Minimum Required Eligible Liabilities (MREL) obligations.
Alpha Bank, BNP Paribas, Deutsche Bank Aktiengesellschaft, Goldman Sachs Bank Europe SE and Morgan Stanley Europe SE are acting as Managers of the Offer and BNP Paribas, Deutsche Bank Aktiengesellschaft, Goldman Sachs Bank Europe SE and Morgan Stanley Europe SE have been appointed as Joint Bookrunners and Alpha Bank as Co-Manager of the issuance of the New Bonds.
Latest News
Developing the Blue Carbon Economy in Greece
Can Greece make money by protecting its marine environment?
EIB Appoints Greece’s Ioannis Tsakiris as New VP
Ioannis Tsakiris started the new role May 1 after spending 15 years at the European Investment Fund (EIF) and serving as Greece’s Deputy Minister for Development and Investments
Two Greek Beaches in Top 50 in the World
Both Greek beaches were on the list of the best beaches in Europe too
Eurostat: Greece 20th out of 26 European States in Hourly Average Wage
According to figures released by Eurostat, the Benelux Grand Duchy of Luxembourg, one of Europe’s hubs for finance, is in first place
Greek Property Renovation Surge amid Economic Constraints
This has led to a notable escalation in renovation costs, with average prices per square meter exceeding previous norms and reaching even 1,000 euros in premium locations
RRF: Additional €5.1bln Funds for Subsidies to Greece in 2025
By April 22, funds totaling 5.75 billion euros had been transferred for approved projects of the Recovery Fund to entities within and outside the general government and final recipients
OECD: Greek Economy Resilient with 2% Growth Forecast for 2024
However, the OECD highlights challenges including the need to enhance productivity and fiscal adjustment due to high debt levels.
Challenges and Delays in Greece’s Hydrocarbon Exploration
Sources disclose that the petroleum companies holding the concessions are seeking partners to jointly invest and share the costs of exploration and drilling.
Greek Beach Visitors Can Report Violations on New ‘MyCoast’ App
Greek authorities hope the newly-launched, free ‘MyCoast’ app will help clamp down on public beach violations
BoG Figures Confirm Banner Year for Greek Tourism in 2023
20.6 billion euros in related revenues topped the previous year’s figure by 16.5%