Cyprus’ Hellenic Bank 2019 bonds approved for listing

Hellenic Bank Public Company Ltd (HB) announced that the Prospectus for the issue and listing on the CSE of EUR 90 mln maturity 10-year Bonds 2019 (900,000 bonds of nominal value EUR100 each) has been approved by the Securities and Exchange Commission on May 18, 2009. Interest will be payable on a 3-month basis and will be paid in cash at the end of each period. The 2019 Bonds bear a fixed rate of 7.5% for the first year and a floating rate for the four periods until the end of the fifth year equal to the 3-month Euribor plus 4.60%, whilst an additional 2% will be added beyond March 2014, if not called by the Bank. The 2019 Bonds will be listed on the CSE.
Analysts at Marfin CLR said that the above issue is considered as Tier II is estimated to boost capital by 170bps.