Greece’s Alpha Bank raises 400 million euros from Tier 1 issue

Alpha Bank, one of Greece’s four largest lenders, completed a Tier 1 issue on Wednesday, raising 400 million euros ($435.52 million) at a 11.875% yield, according to a banker with knowledge of the issue.

The banker said bids for the transaction exceeded 1.65 billion euros “on strong demand from about 200 institutional investors”.

The bank initially wanted to raise 300 million euros at a cost of 12.25% to 12.50% from the bond, which is callable after 5.5 years.

The bank said on Monday that Barclays, BofA Securities, Citi, J.P. Morgan and Nomura will arrange the issue.
Source: Reuters (Reporting by Lefteris Papadimas; Editing by Josie Kao)