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Bernitsas Advises Piraeus Bank on New EUR 500 Million Note Issuance

Bernitsas Advises Piraeus Bank on New EUR 500 Million Note Issuance

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Bernitsas Law has advised Piraeus Bank on its new EUR 500 million issuance and offering of senior preferred notes due April 2030, and their listing on the Euro MTF Market of the Luxembourg Stock Exchange.

The notes were offered to international and domestic institutional investors. According to the law firm, the transaction was successfully priced on April 10 and settled on April 16, 2024. It attracted interest from more than 110 institutional investors, with 58% of the notes placed among asset managers, insurance companies, and pension funds; 18% to banks and private banks; 17% to hedge funds; and 7% to other investors.

The order book exceeded EUR 1.3 billion, "being more than 2.7 times oversubscribed, clearly indicating investors’ confidence in Piraeus Bank," Bernitsas reported.

The firm also advised on Piraeus Bank's previous EUR 500 million issuance of senior preferred notes (as reported by CEE Legal Matters on December 12, 2023).

The Bernitsas team included Partners Nikos Papachristopoulos and Maria Nefeli Bernitsas.

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