Issuer: Piraeus Bank S.A. (Ticker TPEIR)
Issuer Rating: Caa2 (Moody’s) / B- (S&P) / CCC (Fitch)
Exp. Issue Rating: Caa3 (Moody’s) / CCC (S&P)
Security: Dated Subordinated, Tier 2
Format: Reg S Fixed Rate Reset Note, bearer form, TEFRA D Rules apply, no communications with or into the US
Size: EUR TBC
IPTs: Low 6% area
Coupon: [•]% Fixed, Annual, Act/Act (ICMA), one time reset after year 5 to prevailing 5yr MS + First Margin
Reference Mid Swap rate: [•]bps (on 5-year Euro Mid Swap)
First Margin [•]bps which is the original reoffer spread
Issue Price [•]
Pricing Date [12] February 2020
Settlement Date: [19] February 2020 (T+[5])
Maturity: [19] February 2030
Issuer’s Call [19] February 2025 at par, subject to prior regulatory authorisation
Regulatory Call At any time at par, upon the notes being fully or partially excluded from the Tier 2 Capital of the Bank and/or the Group due to a change in the regulatory classification, subject to prior regulatory authorisation
Tax call At any time at par, as a result of additional amounts (withholding tax) or loss of deductibility, subject to prior regulatory authorisation
Sub & Variation The Issuer may, subject to certain conditions, exercise its right to substitute for itself any other body corporate pursuant to Condition 17 of the Notes
Use of Proceeds The net proceeds from the Notes will be used for the general corporate and financing purposes of the Group.
Business Days: London, TARGET2, Athens
Business Day Convention: Following Business Day Convention
Day Count Fraction: Actual/Actual (ICMA), unadjusted
Listing: Luxembourg Stock Exchange regulated market
Denominations: €100k + €1k
Clearing: Euroclear, Clearstream
Documentation: Issuer’s EUR 25bn EMTN Programme as of 10 February 2020
Governing Law: English Law, except certain provisions which are governed by Greek law
Non-Viability Loss Absorption / Bail-in: Statutory (with contractual recognition of such powers). The Notes may be subject to loss absorption on any application of the general bail-in tool or at the point of non-viability of the Bank or the Group. Please see the EMTN Programme for risk factors and further details
MIFID II Target Market Manufacturer target market (MiFID II product governance) is eligible counterparties and professional clients (all distribution channels). No PRIIPs key information document (KID) has been prepared as not available to retail in EEA or the UK
Issuer Rating: Caa2 (Moody’s) / B- (S&P) / CCC (Fitch)
Exp. Issue Rating: Caa3 (Moody’s) / CCC (S&P)
Security: Dated Subordinated, Tier 2
Format: Reg S Fixed Rate Reset Note, bearer form, TEFRA D Rules apply, no communications with or into the US
Size: EUR TBC
IPTs: Low 6% area
Coupon: [•]% Fixed, Annual, Act/Act (ICMA), one time reset after year 5 to prevailing 5yr MS + First Margin
Reference Mid Swap rate: [•]bps (on 5-year Euro Mid Swap)
First Margin [•]bps which is the original reoffer spread
Issue Price [•]
Pricing Date [12] February 2020
Settlement Date: [19] February 2020 (T+[5])
Maturity: [19] February 2030
Issuer’s Call [19] February 2025 at par, subject to prior regulatory authorisation
Regulatory Call At any time at par, upon the notes being fully or partially excluded from the Tier 2 Capital of the Bank and/or the Group due to a change in the regulatory classification, subject to prior regulatory authorisation
Tax call At any time at par, as a result of additional amounts (withholding tax) or loss of deductibility, subject to prior regulatory authorisation
Sub & Variation The Issuer may, subject to certain conditions, exercise its right to substitute for itself any other body corporate pursuant to Condition 17 of the Notes
Use of Proceeds The net proceeds from the Notes will be used for the general corporate and financing purposes of the Group.
Business Days: London, TARGET2, Athens
Business Day Convention: Following Business Day Convention
Day Count Fraction: Actual/Actual (ICMA), unadjusted
Listing: Luxembourg Stock Exchange regulated market
Denominations: €100k + €1k
Clearing: Euroclear, Clearstream
Documentation: Issuer’s EUR 25bn EMTN Programme as of 10 February 2020
Governing Law: English Law, except certain provisions which are governed by Greek law
Non-Viability Loss Absorption / Bail-in: Statutory (with contractual recognition of such powers). The Notes may be subject to loss absorption on any application of the general bail-in tool or at the point of non-viability of the Bank or the Group. Please see the EMTN Programme for risk factors and further details
MIFID II Target Market Manufacturer target market (MiFID II product governance) is eligible counterparties and professional clients (all distribution channels). No PRIIPs key information document (KID) has been prepared as not available to retail in EEA or the UK
