BUSINESS

Piraeus to issue Tier II bond this week

TAGS: Banking

This week – most probably on Wednesday – Piraeus Bank will open the book for the issue of its Tier II bond amounting to 500 million euros.

The lender’s management team, led by chief executive Christos Megalou (pictured), has been in London since Monday for meetings with investors in the context of preparations for the issue coordinated by Goldman Sachs, UΒS, Barclays, BNP, Credit Suisse and Nomura.

The bond is expected to receive a rating of Caa3 and CCC from Moody’s and Standard & Poor’s respectively.

Piraeus is hoping to capitalize on the positive climate in the market after Alpha’s success at raising funds with a particularly favorable interest rate of 4.25 percent.

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