Strong demand that exceeded the issue by more than three times was seen in Alpha Bank's new exit to the markets, with a Tier 2 bond of €500 million.

In particular, reportedly, bids submitted exceeded €1.5 billion and eventually compressed the yield to 6.125% from the 6.37%–6.50% range where the initial pricing considerations (IPT) of the coupon had been placed.

As was known yesterday, the bond matures at 10.25 years with a call option at 5.25 years (10.25 NC5.25) and is expected to be rated 'B1' by Moody's.

Baclays, BNP Paribas, Citi, Goldman Sachs, Morgan Stanley, and Unicredit ran the process as underwriters.
It is noted that Alpha Bank has also instructed Barclays, BNP Paribas, Citi, Goldman Sachs Bank Europe, Morgan Stanley, and UniCredit to act as dealer managers in an offer to repurchase an existing bond of $500 million with a coupon of 4.25%.