Eurobank preferred bond issue covered by roughly 1.5 times

Eurobank successfully floated a 500-million-euro senior preferred bond issue on Tuesday, with offers totaling roughly 800 million euros.

The development is viewed as a vote of confidence for the Greek lender, one of four systemic banking groups in Greece, as well as the national economy.

The 6.5-year bond expires on March 14, 2028, and offers a yield of 2.375 percent and a coupon of 2.25 percent.

It was the second senior preferred bond issue floated this year, and is callable after 5.5 years.

According to Reuters, the bond is expected to be rated ‘Caa1’ by Moody’s, ‘B+’ by S&P and ‘B-‘ by Fitch.

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