Croatia's HPB raises €150M in senior preferred bond led by Morgan Stanley
What's the deal? Croatian lender Hrvatska poštanska bankaDealroom has a profile for this one. Try Dealroom → (HPB) has issued a €150 million ($172 million) senior preferred bond on the international capital market. Morgan StanleyDealroom has a profile for this one. Try Dealroom → Europe SE acted as sole bookrunner on the deal, announced in a bourse filing on Monday.
The terms: The bond carries a three-year maturity, down from a previously considered four years, with a coupon of 4.125% and a maturity date of July 13, 2029. The nominal amount of the bonds is €100,000, and the paper is set to list on the Luxembourg Stock Exchange's EURO MTF market.
Why now? HPB said it shortened the maturity based on an assessment of current market conditions. The issuance follows HPB shareholders' April approval of a €15 million purchase of Croatia bankaDealroom has a profile for this one. Try Dealroom →, pointing to a period of expansion for the lender.
The context: Croatian banks have increasingly tapped international markets with senior preferred bonds to meet funding and regulatory needs. Erste Bank Croatia issued a €400 million green senior preferred bond in January 2024, the first of its kind in the country, while the EBRD invested €20 million in Raiffeisenbank Austria's €300 million issue in May 2025.
The signal: HPB's deal is modest against European benchmark issues from banks such as Eurobank, Mediobanca, and Banca MPS, which have placed paper in the €500–650 million range. But it marks another step in Croatia's integration into European capital markets, as its banks diversify funding and build loss-absorbing buffers.
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Image credit: Jorge Lascar
