Eurobank successfully concluded yesterday a €500m. new covered bond transaction (bond or covered bond). A series of successful meetings with institutional investors took place in selected financial centers (4 day roadshow in London, Milan, Athens, Frankfurt and Munich).
The bond has a Conditional Pass Through structure, is EUR denominated and has fixed interest rate, with a 3-year tenor and 2.75% annual coupon. The covered bond was priced at 99.349%, leading to a final 2.98% yield.
The transaction received strong interest from international and domestic investors, attracting institutional investors from 20 countries. The Order Book was more than 2 times oversubscribed, with the international institutional investors accounting for 85% of the total participation.
Barclays, Goldman Sachs, UBS, JP Morgan, NatWest Markets and Commerzbank acted as Joint Lead Managers for the transaction.
This transaction marks Eurobank’s return to the international capital markets, its first since 2014, and will contribute to further reducing the ELA liquidity support and will further diversify its funding sources.