Piraeus Bank raises 350 mln€ at 8.5% via senior preferred bond

Piraeus Bank on Thursday raised 350 million euros on an interest rate of 8.5 percent from the market with a senior preferred bond on offers of 700 million euros.

The bond issue came as part of its commitment to meet minimum requirement for own funds and eligible liabilities (MRELs), which foresee an increase of its capital obligation index of the group at 26 percent until 2026.

The Piraeus bond has duration of four years and can be withdrawn after the completion of the three years. Goldman Sachs and UBS were underwriters of the issue.