Piraeus Bank bond raises 400 mln euros

Piraeus Bank secured a major capital boost on Wednesday, raising 400 million euros through a Tier II bond issue.

The interest rate amounted to 9.75 percent and the offers book, overseen by Goldman Sachs International and UBS, came to 850 million euros, as over 135 institutional investors from more than 20 countries took part in the transaction.

This was the first such bond issue by a Greek bank since 2008 and has created optimism in the lender's administration, with its chief executive officer expressing satisfaction with the transaction and the response of the market. Christos Megalou added that "the high level of investor demand constitutes a tangible vote of confidence in the overall progress recorded by Piraeus Bank. This issue further strengthens our financial balance and serves as a main catalyst in the implementation of our 'Agenda 2023' strategic plan to the...