Eurobank S.A. has successfully completed the pricing of €600 million Fixed Rate Green Senior Preferred Notes due 2033.
According to the bank's announcement, "The proceeds of the issuance will be used to finance or refinance a portfolio of eligible green assets selected pursuant to the use of proceeds criteria and selection process described in Eurobank’s Green Bond Framework 2026, which is in accordance with the ICMA Green Bond Principles (GBP) 2025."
The Notes mature on 8 September, 2033, are callable at par on 8 September, 2032, offering a coupon of 4.125% per annum. Settlement is scheduled for 8 September, 2026, while the Notes will be listed on the Luxembourg Stock Exchange’s Euro MTF market, the announcement continues.
"The level of interest in the transaction resulted in a final demand of approximately €1.4bn, i.e. an oversubscription of about 2.5 times, thus enabling Eurobank to raise €600 million at a reduced credit spread of 98 bps compared to the initial 125 bps indication level. The book building process attracted strong and geographically diverse demand from international investors, with over 65 accounts participating," the bank goes on to note in its announcement.
Upon allocation of the new issue, foreign investors accounted for approximately 90% of the amount of the book, with participation primarily from Belgium, Netherlands & Luxembourg combined (27%), United Kingdom (23%), France (20%), and Germany, Austria & Switzerland combined (11%). In terms of investor type, 54% were Asset Managers, 21% were Insurance and Pension Funds, 17% were Banks and Private Banks, and 8% were Hedge Funds.
"The proceeds from the issue will support Eurobank Group’s strategy to ensure continuous compliance with the Minimum Requirements for Own Funds and Eligible Liabilities (MREL)," the bank says, concluding, "Barclays Bank Ireland PLC, Commerzbank Aktiengesellschaft, HSBC Continental Europe, Natixis & Société Générale acted as Joint Bookrunners."
