NEW ISSUE: Alpha Bank €500m exp 6NC5 Green SP FXD/RST; MS+120a
IGC European Market: Deal Flow - General
Issuer
Term
Call
Maturity
Size
Ranking
Type
IPT
ISIN
Alpha Bank
6NC5
5y
06-May-32
bmk
SP
Fixed Rate Reset
MS+120a
XS3357187809
IPTs: 6NC5: MS+120bp area
Issuer: Alpha Bank S.A.
Issuer LEI: 213800DBQIB6VBNU5C64
Issuer Rating: Baa2 (Stable) by Moody’s / BBB (Stable) by Scope
Expected Issue Rating: Baa2 by Moody’s / BBB by Scope
Notes: EUR Green Fixed Rate Reset Senior Preferred Notes due 06 May 2032 (the “Notes”)
Format and Form of the Notes: 6-Year Non-Call 5-Year, Reg S (Cat 2) Bearer, NGN, TEFRA D Rules apply
Status of the Notes: Direct, unconditional, unsecured and unsubordinated obligations of the Issuer
Issue Size: €500m expected
Pricing Date: 28-Apr-26
Settlement Date: 06-May-26 (T+5)
Maturity Date: 06-May-32 (Year 6)
Reset Date: 06-May-31 (Year 5)
Interest: From (and including) the Settlement Date to (but excluding) the Reset Date, a Fixed rate of [•]% 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). Benchmark Replacement provisions apply
Interest Payment Dates: 06 May in each year, commencing on 06 May 2027
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 Reset Date at their principal amount, together with any accrued but unpaid interest, subject to Condition 4(l)
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 a MREL Disqualification Event as defined in Condition 4(e) has occurred and is continuing
Clean-up Call Option: Applicable (75%) at par, subject to Condition 4(l)
Events of Default: Limited. See Condition 10
Substitution & Variation: If a 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 18), 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: The Issuer intends to apply or allocate an amount equal to the net proceeds from the issue of the Notes to finance or re-finance, in whole or in part, Eligible Green Assets, in each case as determined by the Issuer in accordance with the eligibility criteria set out in the Issuer’s Green Bond Framework which is available for viewing at: https://www.alpha.gr/en/Group/esg-and-sustainability/esg-reporting-hub
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
Listing: Luxembourg Stock Exchange – Euro MTF
Clearing: Euroclear and Clearstream, Luxembourg
Denominations: €100,000 + €1,000
Governing Law: English law, except for Conditions 2, 16 and 18 are governed by and shall be construed in accordance with Greek law
UK MiFIR/MiFID II Target Market: Eligible Counterparties and Professional clients only (all distribution channels). No EEA PRIIPS key information document ("KID") or UK PRIIPs KID or CCI product summary has been prepared as the securities will not be available to retail in EEA or the UK
Selling Restrictions: See Documentation
Prohibition of Sales to EEA and UK Retail Investors: Applicable
Green Structuring Bank: Crédit Agricole CIB
Joint Bookrunners: AXIA, Crédit Agricole CIB (B&D), Commerzbank, Goldman Sachs Bank Europe SE, Morgan Stanley, Nomura, UniCredit