Eurobank became the first bailed-out Greek banking institution to deal its way out of state ownership last week in a €2.864bn marketed follow-on offering that built sufficient momentum to encourage a group of underwriting institutions to buy above the shares' par value. Greece's third-largest lender priced its offering of 9.546bn shares at €0.31 last Wednesday, after sending out a message on Tuesday that orders below that level would miss out. That pricing was remarkable as the transaction was originally launched with a price range of €0.30-€0.33 with little expectation that pricing would come above the nominal value of €0.30, a slim 9% discount to TERP based on the trading level at the time.
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