The Piraeus Bank is issuing a green senior preferential bond, Bloomberg reports.

The issue is estimated to be worth €500 million.

The issue has been assigned to BNP Paribas in partnership with BofA Securities, Commerzbank HSBC and IMI- Intesa San Paolo who will jointly run the offering book.

The amount raised is to be channeled for the purpose of financing and/or refinancing in whole or in part eligible green assets and to further strengthen Piraeus’ MREL base.

The issuer expects to be rated Baa3 by Moody’s.