The six-year bond, with a callable option at the five-year mark, was priced with a 3.375% coupon and attracted over 120 institutional investors, primarily from France, the United Kingdom, and Italy.
The issuance, which will be listed on the Luxembourg Stock Exchange (Euro MTF Market) from 2 December 2025, is expected to receive a “Baa2” investment-grade rating from Moody’s. According to the Bank, the proceeds will be allocated to the financing or refinancing of eligible green investments, under the Bank’s Green Bond Framework.
The order book exceeded €2 billion, more than four times oversubscribed, allowing Piraeus Bank to achieve its lowest historical credit spread for a comparable issuance at 98 basis points, against an initial target of 125 bps. The issue price was set at 99.995%, and over 80% of investors were from abroad.
Notably, this issuance follows the Bank’s recent MSCI ESG upgrade to “AAA”, the highest possible rating. This distinction makes Piraeus Bank the only Greek company with this score and positions it among the leading international financial institutions in terms of sustainability.
With this latest issuance, Piraeus further strengthens its position in the green finance market, having now completed a total of four green bond issuances totaling €2.15 billion. Approximately €800 million from previous issuances have already been allocated to eligible green projects, underscoring the Bank’s strategic commitment to sustainable development.
The issuance was coordinated by Barclays Bank Ireland, BofA Securities, Commerzbank, Crédit Agricole CIB, Deutsche Bank, and IMI-Intesa Sanpaolo, while legal advisors to Piraeus were Allen & Overy and the Greek law firm Bernitsas.
