Piraeus bank has completed the book building process for the issuance of a senior preferred bond, with the final interest rate set at 6.875%, lower than the initial rate of 7.125%. 

The bank raised 500 million euros, and the offers exceeded 1.6 billion euros, covering more than three times the desired amount.

This was the bank's second market entry for the year, and the issuance aims to use the funds to accelerate the strengthening of minimum capital requirements and eligible liabilities (MREL).  The goal is to achieve the targets set by the Single Resolution Board (SRB) by the end of 2025, as well as to further diversify the investment base.  

BNP Paribas, BofA Securities, Deutsche Bank, Goldman Sachs Bank Europe SE, Morgan Stanley, and UBS act as joint bookrunners of the issue. The new senior preferred bond has a maturity of six years with the option for redemption after five years and will be listed on the Luxembourg Stock Exchange. Moreover, it is expected to receive a Ba2 rating from Moody’s and BB- from Fitch.