Commentary & Deal Flow

Reoffer: 6NC5: MS+90bp / 99.902 / 4.022%
Benchmark: DBR 0 15-Aug-31 / B+106.7bp / spot: 86.56 / HR 107%

Final Books €2.1bn. Peak book over €2.5bn (pre-rec)

Final Terms: 6NC5: €500m @ MS+90bp - Books over €2.5bn
IPTs: 6NC5: MS+115/120bp

• Issuer: Piraeus Bank S.A. (the "Issuer")
• Issuer LEI: 213800OYHR1MPQ5VJL60
• Issuer Rating: Baa2 (Stable) / BBB- (Stable) / BBB- (Positive) by Moody's / S&P / Fitch
• Expected Rating of the Notes: Baa2 Moody's
• Issue Type: Senior Preferred Fixed Rate Reset Notes due 2032 (the "Notes")
• Format and Form of the Notes: 6-Year Non-Call 5-Year, Reg S Bearer, NGN, TEFRA D Rules apply
• Status of the Notes: Subject to any mandatory provisions of law, the Senior Preferred Notes will constitute direct, unconditional, unsubordinated and unsecured obligations of the Issuer and will rank: (A) pari passu without any preference among themselves; and (B) at least pari passu with all other present and future unsecured and unsubordinated obligations of the Issuer (save for such obligations as may be preferred (with a higher ranking) by mandatory provisions of applicable law) in terms of ranking compared with the Notes; and (C) in priority to Junior Liabilities (to Senior Preferred Notes).
• Waiver of Set-Off: Subject to applicable law, no holder may exercise or claim any right of set-off or similar remedy in respect of any amount owed to it by the Issuer arising under or in connection with the Notes or thereto and each holder shall, by virtue of its subscription, purchase or holding of any Note, be deemed to have waived irrevocably all such rights.
• Acknowledgement of Statutory Loss Absorption Power: Each Noteholder acknowledges, accepts, consents and agrees to be bound by the effect of the exercise of any Statutory Loss Absorption Power by the Relevant Resolution Authority
• Currency: EUR
• Issue Size: €500m
• Pricing Date: 27-Aug-26
• Settlement Date: 03-Sep-26 (T+5)
• Coupon: 4% Annual, Act/Act (ICMA) unadjusted
• Reset Margin: 90 basis points
• Reoffer: MS+90bp / 99.902 / 4.022%
• Benchmark: DBR 0 15-Aug-31 / B+106.7bp / spot: 86.56 / HR 107%
• 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 the Conditions to Substitution, Variation, Redemption and Purchase of Senior Preferred Notes
• Clean-up Call Option: If the Clean-up Call Minimum Percentage (75%) of the principal amount outstanding of the Notes originally issued has been redeemed or purchased and subsequently cancelled, the Issuer may, from (and including) the Issue Date, subject to Conditions to Substitution, Variation, Redemption and Purchase of Senior Preferred Notes, at any time redeem all (but not some only) of the Notes then outstanding at the Clean-up Call Option Amount together with unpaid interest accrued to but excluding such date fixed for redemption
• Clean-up Call Option Amount: Par
• Maturity Date: 03-Sep-32 (6-year)
• Reset Date: 03-Sep-31 (5-year)
• Interest: From (and including) the Issue Date to (but excluding) the Reset Date: Fixed rate of 4% p.a. payable annually in arrear on each Interest Payment Date. The rate will be reset on the Reset Date to a fixed rate equal to the 1-year Mid-Swap rate prevailing at the Reset Determination Date plus the Reset Margin (no step-up)
• Interest Payment Dates: 03-Sep each year, commencing on 03-Sep-27
• Business Days: T2
• Day Count Fraction: Actual / Actual (ICMA), unadjusted / following
• Final Redemption: Subject to any purchase and cancellation or early redemption, the Notes will be redeemed on the Maturity Date at par together with any accrued and unpaid interest thereon
• Redemption for Tax and Regulatory Reasons: The Issuer may redeem at any time all (but not some only) of the Notes, subject to the Conditions to Substitution, Variation, Redemption and Purchase of Senior Preferred Notes, at par together with any accrued and unpaid interest thereon: for tax reasons (Condition 6(b)); or if an MREL Disqualification Event occurs (Condition 6(d)) at any time from and including the Issue Date.
• Events of Default: Restricted Events of Default apply
• Substitution and Variation: Subject to the Conditions to Substitution, Variation, Redemption and Purchase of Senior Preferred Notes, at any time if an MREL Disqualification Event has occurred and is continuing (Condition 6(d)), or a tax event has occurred and is continuing (Condition 6(b)), or to ensure the effectiveness and enforceability of the Statutory Loss Absorption Power by the Relevant Resolution Authority (including, without limitation, substitution of all (but not some only) of the Notes or varying the terms of such Notes (including, without limitation, changing the governing law of Condition 18 (Statutory Loss Absorption), so that the Notes remain or, as appropriate, become Qualifying Notes)
• Use of Proceeds: General corporate and financing purposes and ongoing compliance with MREL requirement
• Listing: Luxembourg Stock Exchange – Euro MTF
• Clearing: Euroclear and Clearstream, Luxembourg
• Denominations: €100k + €1k
• Governing Law: English law, except that Conditions 18 and 21 are governed by and shall be construed in accordance with Greek law
• Documentation: €25,000,000,000 EMTN Programme dated 06-Nov-25 and as supplemented on 26-Jun-26 and 20-Aug-26, with standard CPs as per the EMTN Programme
• Selling Restrictions: See Documentation
• MiFID/UK MiFIR Target Market: Manufacturer target market (MiFID II and UK MiFIR product governance) is Eligible Counterparties and Professional clients only (all distribution channels).
• Joint Bookrunners: BNP Paribas, Goldman Sachs Bank Europe SE, J.P. Morgan, Natixis (B&D), Santander, UBS Investment Bank SE
• B&D: Natixis
• Settlement: Euroclear / Clearstream
• Stabilisation: ICMA/FCA (Goldman Sachs Bank Europe SE as Stabilization Manager)
• Investor Presentation: Direct Link: www.netroadshow.com/nrs/home/#!/?show=c966956a Link: www.netroadshow.com Entry Code: TPEIR2026 (not case-sensitive)
• ISIN / Common Code: XS3444075413 / 344407541
• Reference Benchmark: DBR 0 15-Aug-31 / HR 107%
• Hedge Deadline: 14.15 UKT / 15.15 CET
• Timing: TOE: 14:36 Ldn / 15:36 CET. FTT: 14:50 Ldn / 15:50 CET