A first-of-its-kind transaction for a Greek insurance company.

Karatzas & Partners proudly acted as Greek law counsel to Goldman Sachs Bank Europe SE (Sole Global Coordinator and Joint Lead Manager) and Piraeus and UBS Europe SE (Joint Lead Managers) in relation to Ethniki Asfalistiki’s inaugural €200m dual-tranche subordinated bond issuance. The issuance comprised €100m Tier 2 Notes and €100m Restricted Tier 1 Perpetual Notes, which were listed on the Euro MTF Market of the Luxembourg Stock Exchange (LuxSE).

This transaction represents an important milestone for the Greek insurance sector, as it marks the first subordinated debt capital markets issuance by a Greek insurance company and combines two distinct classes of regulatory capital instruments. The combined order books exceeded €600m and more than 70% of the Notes were allocated to international institutional investors.

Our team consisted of Alexandra Kondyli, Nikos Askotiris and Hara Kora.

Congratulations to all parties involved in the successful completion of this innovative transaction!