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Deal Details

C/PIndustryStatusTicker(s)Issuer(s)Size(m)TranchesRegionDate
IGC
FNCL
PRCD
ALPHA
Alpha Bank SA€600
1EMEA
Apr 28, 2026
currency
EUR
size (m)
600.000
maturity
May 6, 2032
type
Fixed Rate Reset
tenor
6.000
call
5.00
registration
Reg S Only
benchmark
Swaps
ranking
Senior Preferred
moody's
Baa2
s&p
-
fitch
-
re-open/tap
No
ipt
MS+120 area
ipt-pxd
-25
guidance
n/a - straight to launch
spread
95
coupon
3.75%
spread set
-
price
99.58000
yield
3.844%
book size (m)
1,600
peak book (m)
2,250
x-covered
2.67
book attrition
-0.29%
nic
5
billing & delivering
active leads
-
joint leads
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
1,600
peak book (m)
2,250
x-covered
2.67
book attrition
-0.29%
nic
5
billing & delivering
active leads
-
joint leads
passive leads
-
co-managers
-
coordinating managers
-
Tranche Comments
Book size: 1600; First Pay: 2027-05-06; Redemption: 2031-05-06; Registration: Reg S Only; Comments: OBL #193 2.5% 04/31 +107.6bps (Price: 98:758%) / HR: 98%. Tax Call: Yes. Clean-Up Call: 75%. Regulatory Call: Yes. LEI: 213800DBQIB6VBNU5C64;
Deal Comments
Exp Size: EUR500m
Use of Proceeds
Finance or re-finance, in whole or in part, Eligible Green Assets
Relative Value

6NC5 year @ IPTs of MS+120bp area

Implied i-Spread for fresh 5 year @ +90

Outstanding: i-spreads

3.125% 30th Oct 2031 @ +91

4.308% 23rd July 2036 @ +161 (Subordinated)

3.50% 10th Feb 2033 @ +95

Priced at MS+95

NIC of +5


COMPS

Ticker

Rank

Issue Date

Size

Cpn

Maturity

Call

Yrs to Call

I-Sprd

Rating

ALPHA

SP

Oct-25

500

3.125

Oct-31

Oct-30

4.5

91

Baa2

ALPHA

SP

Feb-26

750

3.500

Feb-33

Feb-32

5.8

95

Baa2

ETEGA

SP

Feb-26

600

3.125

Feb-31

Feb-30

3.8

76

Baa1

ETEGA

SP

Nov-25

500

3.375

Nov-32

Nov-31

5.6

85

Baa1

UCGIM

SP

Jun-25

1000

3.100

Jun-31

Jun-30

4.1

60

A3/A-

UCGIM

SNP

Apr-26

1000

3.776

Apr-32

Apr-31

5.0

92

Baa2/BBB