ERB Greece bail-in sub debt (project Nephele III)

signed

On 28 April 2021, the EBRD invested EUR 50 million (10% participation) in a senior preferred bond issued by Eurobank S.A. ('ERB') as a part of a public benchmark issuance of EUR 500 million listed on the Luxembourg Stock Exchange. On 7 September 2021, the EBRD invested another EUR 27 million (5.4% participation) in the second senior preferred bond issuance of ERB under the same programme. On 29 November  2022, under the same programme, the EBRD invested EUR 10 million (3.3% of the issuance amount) in subordinated ('Tier 2)' bonds issued by Eurobank Ergasias Services and Holdings S.A. ('ERB Group')  as part of a public issuance of EUR 300 million to be listed on the Luxembourg  Stock Exchange. The bonds have a 10 year maturity with a call option on the fifth year (10NC5 structure).