Greece's Ethniki Insurance prices €200M debut bond, oversubscribed 3x
What's the deal? Ethniki InsuranceDealroom has a profile for this one. Try Dealroom →, the wholly owned insurance subsidiary of Greece's Piraeus BankDealroom has a profile for this one. Try Dealroom →, has priced an inaugural €200 million dual-tranche subordinated bond. The issuance splits into a €100 million Tier 2 bond with a 5.25% coupon and a €100 million Restricted Tier 1 perpetual bond at 6.875%. Settlement is scheduled for September 9, 2026, with the notes listing on the Luxembourg Stock Exchange's Euro MTF market.
Why now? This is the first subordinated debt capital markets issuance by a Greek insurer. It gives Ethniki direct access to international debt markets and strengthens its regulatory capital, lifting its pro forma Solvency II ratio to roughly 190% as at June 30, 2026.
By the numbers: Order books peaked above €600 million — more than three times the offering — drawing about 100 institutional investors. The bonds priced 30 basis points (Tier 2) and 37.5 basis points (RT1) tighter than initial guidance. International investors took over 70% of the allocation, with demand led by France and the UK.
What's the endgame? The raise is a pillar of Piraeus GroupDealroom has a profile for this one. Try Dealroom →'s 2030 strategy. "A well-capitalised and independently financed Ethniki Insurance will support our ambition to build Greece's leading integrated financial-services platform," said Christos Megalou, Piraeus Group's chief executive officer.
Ethniki is Greece's second-largest composite insurer, with a 13.6% market share as at end-December 2025 and more than 1.9 million active customers. It reported €424 million in gross written premiums in the first half of 2026. Goldman Sachs Bank EuropeDealroom has a profile for this one. Try Dealroom → acted as sole global coordinator, with Piraeus Bank and UBS EuropeDealroom has a profile for this one. Try Dealroom → as joint lead managers.
The signal: A first-of-its-kind deal, oversubscribed threefold and priced inside guidance, signals renewed international appetite for Greek financial credit — and a template other insurers in the country may follow.
Read more: finanznachrichten.de
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