Bernitsas Law advises Eurobank on its new €650m Senior Preferred Notes

Bernitsas Law acted as Greek law counsel to Eurobank in connection with the issuance and offering of its new €650m Senior Preferred Notes due April 2031 to international and domestic institutional investors, as well as their listing on the Euro MTF Market of the Luxembourg Stock Exchange.

The transaction was successfully priced on 23 April 2024 and settled on 30 April 2024. Investor confidence in Eurobank’s credit standing was evidenced by strong participation and resulted in a final demand over €1.4bn, an oversubscription of over 2 times. The transaction attracted strong and geographically diverse demand from international investors, with Eurobank receiving final order at re-offer from 101 different investors, while approximately 80% of the issued amount was allocated to international investors, with key participation from the United Kingdom and Ireland (25%), Italy (14%), France (12%) and Germany (6%). In terms of investor type, 54% were Fund Managers, 29% were Banks and Private Banks, 8% were Hedge Funds and 7% were Insurance and Pension Funds.

The proceeds from the issue of the Notes will support Eurobank Group’s strategy to ensure ongoing compliance with its MREL requirement and will be used for Eurobank’s general funding purposes.

Partners Nikos Papachristopoulos and Maria Nefeli Bernitsa advised on this transaction.

Eurobank Senior Preferred bonds

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