Book size: 3100; First Pay: 2027-02-10; Redemption: 2032-02-10; Registration: Reg S Only; Comments: EUR750m 7NC6 cpn fxd-rate-reset 3.50% at 99.803, yld 3.537%. Spread: MS+90bps. DBR 1.7% 08/15/32 (94.725)+94.9bps / HR 93%. Clean-up Call: 75%. Tax Call: Yes. LEI: 213800DBQIB6VBNU5C64;
Deal Comments
Reoffer: 7NC6: MS+90bp / 99.803 / 3.537%
Benchmark: 7NC6: DBR 1.7% 15-Aug-32 @ 94.725 / B+94.9bps / HR 93%
Final Books: €3.1bn. Peak book €3.5bn+ (pre-rec).
Launched: 7NC6: €750m @ MS+90bp - Books €3.5bn+ (pre-rec)
Book Update: Books €2.5bn+
IPTs: 7NC6: MS+120a
Issuer: Alpha Bank S.A. (ALPHA)
Issuer LEI: 213800DBQIB6VBNU5C64
Issuer Rating: Baa2 (Stable) by Moody’s / BBB (Stable) by Scope
Expected Issue Rating: Baa2 by Moody’s
Issue Type: EUR Fixed Rate Reset Callable Senior Preferred Notes due 10-Feb-33 (the “Notes”)
Format & Form of the Notes: 7-year Non-Call 6-Year, Reg S (Cat 2) Bearer, NGN, TEFRA D Rules apply
Issue Size: €750m
Reoffer: MS+90bps / 99.803 / 3.537%
Benchmark: DBR 1.7% 15-Aug-32 (94.725)+94.9bps / HR 93%
Pricing Date: 3-Feb-26
Settlement Date: 10-Feb-26 (T+5)
Maturity Date: 10-Feb-33
First Reset Date: 10-Feb-32
Interest: From (and including) the Issue Date to (but excluding) the First Reset Date: Fixed rate of 3.50% p.a. payable annually in arrear on each Interest Payment Date. Reset on the Reset Date to a fixed rate equal to the EUR 1-year Mid-Swap rate plus the Margin (no step-up) payable on the Maturity Date. Benchmark Replacement provisions apply
Interest Payment Dates: 10 February in each year, commencing on 10-Feb-27
Reset Business Days: London, Athens, T2
Day Count Fraction: Actual / Actual (ICMA), unadjusted / following
Optional Redemption: The Issuer may redeem all (but not some only) of the Notes on the First Reset Date at their principal amount, together with any accrued but unpaid interest, subject to Condition 4(l)
Clean-up Call Option: Applicable (75%) at par, subject to Condition 4(l)
Waiver of Set-Off: Applicable
Acknowledgement of Statutory Loss Absorption Powers: Each Noteholder acknowledges, accepts, consents and agrees to be bound by the exercise of any Statutory Loss Absorption Powers by the Relevant Resolution Authority
Redemption for Tax Reasons and MREL Disqualification Event: The Issuer may redeem at any time all (but not some only) of the Notes, at par together with any accrued and unpaid interest thereon subject to Condition 4(l): for tax reasons as described in Condition 4(c); or if an MREL Disqualification Event as defined in Condition 4(e) has occurred and is continuing
Events of Default: Limited. See Condition 10
Substitution & Variation: If an MREL Disqualification Event has occurred and is continuing or if any of the events described in Condition 4(c) (Redemption for Tax Reasons) has occurred and is continuing, or in order to ensure the effectiveness and enforceability of Condition 18 (Acknowledgement of Statutory Loss Absorption Powers), the Issuer may substitute all (but not some only) of the Notes, or vary the terms of all (but not some only) of the Notes (including, without limitation, changing the governing law of Condition 19), so that the Notes become or remain Qualifying Senior Preferred Notes, subject (among other things) to Condition 4(l)
Substitution of the Issuer: Subject to certain conditions, the Issuer may, without the consent of any Noteholder or Couponholder, substitute for itself its Successor in Business as the debtor in respect of the Notes
Use of Proceeds: General corporate and financing purposes of the Group and further strengthening of MREL base
Listing: Luxembourg Stock Exchange – Euro MTF
Clearing Systems: Euroclear and Clearstream, Luxembourg
Denomination: €100,000 + €1,000
Governing Law: English law except that Conditions 2, 16 and 18 are governed by and shall be construed in accordance with Greek law
Documentation: EUR 15,000,000,000 EMTN Programme of Alpha Bank S.A. Offering Circular dated 1-Jul-25, as supplemented on 15-Sep-25 and 29-Jan-26 (together, the “Base Offering Circular”)
UK MiFIR/MiFID II Target Market: Eligible Counterparties and Professional clients only (all distribution channels)(EEA). No PRIIPs or UK PRIIPs key information document (KID) has been or will be prepared as not available to retail in the EEA or in the UK
Selling Restrictions: See Documentation
Prohibition of Sales to EEA and UK Retail Investors: Applicable
ISIN Code/ Common Code: XS3292029769 / 329202976
Joint Lead Managers: Citi (B&D), Deutsche Bank, HSBC, J.P. Morgan, UBS Investment Bank and UniCredit
Timing: Priced - TOE 14:27 UKT / FTT 14:45 UKT
Use of Proceeds
General corporate and financing purposes of the Group and further strengthening of MREL base