The order book for Piraeus Bank’s €500 million Senior Green Bond issuance closed with demand reaching €3 billion. The interest rate was set at 3.15%.

The order book is managed by BNPP, Goldman Sachs, HSBC, JPMorgan, Societe Generale, and UBS. The bond has a maturity of 3.5 years with a call option at 2.5 years, i.e., in December 2027.

Moody’s rated the issuance at Baa2.

Piraeus Bank has launched a series of issuances that both systemic and non-systemic banks are expected to undertake under the MREL framework.

This year’s plan includes bond issuances of approximately €2.5 billion, aimed at replacing maturing bonds or refinancing issuances with similar features.

Greek banks are accelerating these moves, as interest rates have significantly decreased, but primarily because the market environment is extremely fluid and investors are highly cautious.

According to the European Banking Authority, for 2025 the following bond issuance is projected across Europe:

• €262 billion in senior preferred bonds
• €107 billion in senior non-preferred bonds
• €18 billion in AT1 bonds
• €37 billion in Tier 2 bonds.