Eurobank prices €600M green senior preferred bond

The annual coupon has been set at 4.125%, while the maturity date is September 8, 2033. Eurobank retains the right to redeem the notes at par on September 8, 2032.

Settlement of the issue is scheduled for September 8, 2026, while the notes are expected to be listed on the Euro MTF market of the Luxembourg Stock Exchange.

Order book 2.5 times oversubscribed

Investor interest in the issue was particularly strong, with total demand approaching €1.4 billion, resulting in an oversubscription of approximately 2.5 times.

Strong demand enabled Eurobank to significantly tighten the issue’s credit spread. The spread was ultimately set at 98 basis points, compared with initial guidance of 125 basis points.

More than 65 investors participated in the bookbuilding process, with strong geographical diversification. International investors accounted for approximately 90% of the order book.

The geographical distribution was as follows:

27% from Belgium, the Netherlands and Luxembourg
23% from the United Kingdom
20% from France
11% from Germany, Austria and Switzerland
Asset managers lead investor allocation

By investor type, the largest share of the issue, at 54%, was allocated to asset managers.

Insurance companies and pension funds accounted for 21%, followed by banks and private banks with 17%, while the remaining 8% was allocated to alternative investment firms and hedge funds.

The composition of the order book highlights the broad participation of institutional investors in the new issue, as well as the international investment community’s continued interest in Greek bank debt.

Proceeds to finance green investments

Proceeds from the issue will be used to finance or refinance eligible green investments, in accordance with the use-of-proceeds criteria and selection process set out in Eurobank’s 2026 Green Bond Framework.

The bank’s framework is aligned with the ICMA Green Bond Principles 2025, linking the financing to investments that meet specific environmental criteria. The new issue also forms part of Eurobank Group’s broader funding and capital management strategy.

In particular, the proceeds will contribute to ensuring the bank’s continued compliance with minimum requirements for own funds and eligible liabilities (MREL), strengthening its position amid the ongoing requirements of the European banking regulatory framework.

The successful transaction, marked by strong participation from international investors and significant tightening of the credit spread, further underscores Eurobank’s strong access to international bond markets.