Piraeus Bank S.A.: Ethniki Insurance Priced Its Inaugural €200mn Tier 2 and Restricted Tier 1 Perpetual Bonds
Piraeus Bank's subsidiary, Ethniki Insurance, priced its first €200mn subordinated bond issuance, comprising €100mn Tier 2 bonds at 5.25% and €100mn RT1 perpetual bonds at 6.875%. The offering was 3.0x oversubscribed, with strong international investor demand. The bonds will list on the Luxembourg Stock Exchange. Ethniki Insurance's Solvency II ratio stands at 190% post-issuance, according to the company.
