![Strong interest in Eurobank’s new € 500 million bond](https://www.ot.gr/wp-content/uploads/2021/04/eurobank_642454483_2.jpg)
Investors are showing strong interest in the Eurobank book of offers, which opened on Wednesday morning, with the aim of raising 500 million euros through a senior preferred bond.
According to stock market sources, over-coverage of the issue is expected, with the interest rate being lower than the 2.37% provided in the offer guidance. This is a 6-year bond, with the possibility of early repayment by the bank at 5 years (6NC5).
This issue is part of Eurobank’s plan to meet the criteria of the MREL Directive, according to which by 2025 the relevant securities, together with equity, should amount to 25% of the assets of each bank.
Undoubtedly, a significant support to the banks’ efforts to raise funds from the markets is the upgrade of the Greek economy last Friday by Standard & Poor’s to “BB” from “BB-” with a positive outlook.
In addition, the climate for Greek corporate issues has improved after the successful completion of Piraeus Bank’s capital increase of 1.4 billion euros with significant over-coverage and the attraction of quality international investors.
The benefits
The successful disposal of the bonds will boost Eurobank’s liquidity, so that it can easily proceed with the financing of major projects throughout the country.
Typical examples are the works at Elliniko, highways, as well as actions for the modernization and development of large companies, such as the PC.
It is noted that HSBC, Goldman Sachs, UBS, BNP Paribas and BofA are the advisors for the bond issue.
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