With a historic record of demand for a Senior issuance by a Greek bank, Αlpha Bank's new outing to the international markets is being completed, with the issuance of a €700 million Senior Preferred bond, with a maturity of 4.5 years and a call option at 3.5 years (4.5NC3.5).
The order book exceeded €2.9 billion, oversubscribing the issuance by more than 4 times and constituting the largest order book ever recorded in a Senior issuance by a Greek bank, following the onset of the crisis in the Middle East and Iran.
The exceptionally strong demand allowed Alpha Βank to tighten the final pricing to 85 basis points above mid-swap, versus initial guidance at 115 bps. MS+85 bps constitutes the lowest spread Alpha Βank has ever achieved in a comparable issuance.
At the same time, Alpha Βank made a buyback offer for existing Senior Preferred bonds amounting to €500 million, maturing in 2028, aiming to refinance them through the new issuance, as part of the active management of the Bank's liabilities and its position with regard to MREL requirements.
The syndicate of the issuance included AXIA, HSBC, JP Morgan, Morgan Stanley, Société Générale, UBS and UniCredit.