Reuters logo
UPDATE 1-Alpha Bank opens books on new three-year senior bond
June 12, 2014 / 9:02 AM / 4 years ago

UPDATE 1-Alpha Bank opens books on new three-year senior bond

(Adds background)

By Helene Durand

LONDON, June 12 (IFR) - Alpha Bank is set to offer the lowest new issue yield from a Greek bank since the country’s institutions returned to the capital markets on Thursday, helping further cement the recovery story of one of the eurozone’s most troubled jurisdictions.

The Caa1/CCC/B- rated bank is marketing the three-year bond at 3.75% area via Citigroup, HSBC, JP Morgan and Mediobanca.

This level is much lower than where Piraeus raised three-year funds back in March and capitalises on the rally seen across all peripheral credits in recent weeks.

Piraeus which is rated Caa1/CCC/CCC priced a 500m three-year with a 5.125% yield. That transaction was yielding at 3.3% on Thursday, according to a bookrunner.

Alpha Bank’s deal will also price tighter than where National Bank of Greece priced a 750m five-year in April. That deal came with a 4.375% coupon and was quoted at 4.2%.

The deal will be priced later today, subject to market conditions. (Reporting by Helene Durand; editing by Alex Chambers)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below