Bernitsas Law acted as Greek law counsel to Eurobank in connection with the issuance and offering of its inaugural, investment grade, €850m Green Senior Preferred Notes due September 2030 to international and domestic institutional investors, as well as their listing on the Euro MTF Market of the Luxembourg Stock Exchange.
The transaction received a tremendous level of interest which resulted in a final demand of over €4.5bn. The book attracted strong and geographically diverse demand from international investors, with orders from ca. 270 accounts, representing the largest ever orderbook as well as the highest number of investors placing orders for a Greek senior issuance. The final allocation to ESG focused accounts was higher than 60%. International investors’ participation accounted for approximately 85% of the amount, with key participation from the United Kingdom and Ireland (34%), France (14%) and Italy (12%). In terms of investor type, 62% were Asset Managers, 22% were Banks and Private Banks, 9% were Hedge Funds and 5% were Insurance and Pension Funds.
The proceeds from the issue will be used to finance or refinance a portfolio of Green Eligible Projects, support Eurobank Group’s strategy to ensure ongoing compliance with its MTEL requirement and will aim at increasing Eurobank’s MREL ratio towards the end-state MREL targeted compliance range.
Counsel Alexia Kefalogianni and Associate Marinos Shiapanis advised on this transaction.