Bernitsas acted as Greek law counsel to Piraeus Bank in connection with the issuance and offering to institutional investors of its new €500m Green Senior Preferred Bond due 2031 (the Green Bond). The Green Bond was listed on the Euro MTF Market of the Luxembourg Stock Exchange.
The Green Bond attracted significant interest from more than 120 institutional investors, with 66% placed among asset managers, 29% to banks and private banks and 5% to other investors. The total order book of the transaction peaked at more than €2bn, being oversubscribed more than four times compared to the issuance target of €500m, which allowed Piraeus Bank to achieve the tightest credit spread for any senior preferred bond it has ever issued.
Piraeus Bank is the only Greek bank to have issued four green bonds to date, with a total of €2.15bn outstanding.
Partners Nikos Papachristopoulos and Fotodotis Malamas, and Associate Adonis Sfyris advised on this transaction.