Piraeus issues corporate bond

Piraeus Bank is on Wednesday opening its book for the issue of a Tier II corporate bond, putting off the process from Tuesday due to the particularly high interest by investors that did not allow for the bank to meet with all interested buyers.

The aim of the Greek lender is to raise 300-350 million euros while offering an interest rate of 9-10 percent.

Goldman Sachs and UBS, which ran the issue’s pre-marketing, saw strong interest from US portfolios.

The bond issue is set to benefit from the positive impact of the concession to Swedish group Intrum of the sum of nonperforming exposures of Piraeus Bank and the sale of its Bulgarian unit to Eurobank.