03/22/2021 Public Power Corporation SA (PPCGA) EUR125m (up from EUR75m) add-on to its 3.875% Reg S sustainability linked sr Green notes due 03/30/26 (5y). NC2 (MWC B+50bp), then at 101.938, 100.969, 100 (call prices in case of Target step-up: 102.188, 100.969, 100). Equity claw: 2y 40% at 103.875. NR/B/BB- (--/stable/stable). Via HSBC (B&D)/GS joint physical books/Citi joint glocos/Alpha Bank/Ambrosia Capital/AXIA/CS/Eurobank/JPM/Natl Bank of Greece/Piraeus Bank joint books. HSBC is the sustainability-linked bond structuring advisor. No reg rights. List Dublin. NY law. Sustainability-linked KPI targets: reduction in PPC's CO2 emissions by 4% by Dec 2022, from 2019 base year. Coupon step-up if target is not met: 50bp. Settles 03/24 (T+2). Reg S ISIN: XS2314265237. Temporary Reg S ISIN: XS2325212368. The original EUR650m issue priced 03/11/2021. IPT: 100.50-100.75. Px talk: 100.50-100.75. Priced: 3.875% at 100.75, 3.709% YTM. +438bp vs Bund 0.50% 02/15/26. Books close at 1:30pm UKT 03/22. UOP: refi debt (partial repayment of Greek banks syndicated loan A and B) (EUR50m upsize to repay term loan A). Biz: largest power generation company, distribution monopolist and biggest power supply provider in Greece. HQ: Athens, Greece.