Alpha Bank has priced a €700 million senior preferred bond issue after attracting €2.9 billion of demand from investors, the Greek bank announced on Monday.

The fixed-rate reset notes, due on March 28, 2031, carry a coupon of 4.3888 per cent and can be called by the bank after three and a half years.

The final order book stood at €2.6 billion, following demand of €2.9 billion during the pricing process.

More than 110 investors participated in the issue, with fund managers, banks and wealth management firms accounting for 95 per cent of the allocation.

Foreign investors accounted for 79 per cent of the issue, which Alpha Bank said demonstrated international interest in the prospects of both the group and the Greek economy.

The bank priced the new notes on September 18 as part of its broader management of its funding and liability structure.

At the same time, Alpha Bank extended a voluntary tender offer for €500 million of senior preferred notes due in 2028, which were originally issued on September 23, 2021.

The tender offer allows holders of the existing notes to sell their positions to the bank and transfer their investment into the newly issued notes. The existing securities carry ISIN XS2388172855.

International financial institutions are acting as dealer managers for the tender offer and joint lead managers for the new bond issue.

The new notes are intended for professional investors and eligible counterparties, rather than retail investors.

Alpha Bank stated that no key information document or equivalent product summary had been prepared for retail distribution in the European Economic Area or the United Kingdom.

The minimum denomination of the new notes is €100,000, the bank stated.

The bank also stressed that the securities were not being offered to the public in jurisdictions where such an offering would require additional regulatory approval.

In the United States, the new notes are not being offered or sold and have not been registered under the US Securities Act.

The tender offer is also subject to restrictions in several jurisdictions, including the United States, Italy, the United Kingdom, Greece, France and Belgium.

In Italy, the offer is being conducted as an exempted offer under financial services legislation and is available to eligible investors through authorised financial intermediaries.

In the United Kingdom, the offer documents are restricted to professional investors and other categories of persons to whom financial promotions may lawfully be communicated.

In Greece, the offer documents are being distributed only to eligible counterparties and professional clients under the applicable MiFID II framework.

In France, participation is restricted to qualified investors, while the offer is not being made or advertised to Belgian consumers.

Alpha Bank said investors participating in the tender offer would be required to provide representations and warranties concerning their eligibility and compliance with applicable jurisdictional restrictions.

The bank warned that failure to comply with those requirements could result in a tender instruction being rejected or an accepted tender subsequently revoked.