Alpha Bank AE: covered bonds investment

Overview
Project Summary Document
Environmental and Social Documentation
Procurement
Complaints

Overview

The EBRD subscribed EUR 40 million to the EUR 500 million covered bond issued by Alpha Bank A.E. ("Alpha") under its EUR 8 billion Direct Issuance Covered Bond Programme I. The covered bond has a soft bullet structure with a maturity of five years and marks Alpha's first public covered bond issuance.

Project ID 49725

Status Signed

Location

Greece

Business Sector

Financial Institutions

Notice Type

Private

Project timeline

Exploratory
Passed Concept Review
Passed Structure Review
Passed Final Review
Board Approved
Signed
Implementing
Completed

Company Contact Information

Ioannis Asimelis
ioannis.asimelis@alpha.gr
+30 210 326 4118
+30 210 326 8309
www.alpha.gr
40 Stadiou Str., 102 52 Athens, Greece

Project ID 49725

Status Signed

Location

Greece

Business Sector

Financial Institutions

Notice Type

Private

Environmental Category

Approval Date

13 Dec 2017

Disclosure date

05 Feb 2018

As permitted by paragraph 2.6 of Section III of the Access to Information Policy, disclosure of this PSD was deferred in accordance with paragraph 1.4.4 of the Directive on Access to Information.

Project description

Project objectives

The bond proceeds will be used to reduce Alpha's dependence on Eurosystem's Emergency Liquidity Assistance funding; thus, contributing towards the normalisation of its liquidity position.

Transition impact

ETI Score:65

project will enable Alpha to access medium-term funding, diversify its funding sources and reduce its dependence on Eurosystem funding in order to address the balance sheet missmatches. In addition, supports the Alpha's efforts to create a benchmark pricing curve for its debt instruments.

Client information

ALPHA BANK SA COVERED BONDS

Alpha is one of the four systemic banks in Greece with its shares listed in the Athens Stock Exhange. It offers a wide range of high-quality financial products and services, including retail banking, SMEs and corporate banking, asset management and private banking, the distribution of insurance products, investment banking, brokerage and real estate management.

EBRD Finance Summary

EUR 200,000,000.00

EUR 100 million envelope for EBRD's investments in covered bonds issued under EUR 8 billion Direct Issuance Covered Bond Programme I. The investment in the five-year benchmark covered bond issued by Alpha in January 2018 was made in the amount of EUR 40 million.

Total project cost

EUR 500,000,000.00

EUR 500 million under its EUR 8 billion Direct Issuance Covered Bond Programme I.

Environmental & Social Summary

Categorised FI (2014 ESP): Under the existing exposure, Alpha is in compliance with the EBRD's Performance Requirements 2, 4, and 9 and will be required to continue to comply with the EBRD's Performance Requirements 2, 4 and 9, implement the EBRD's E&S Risk Management Procedures Mortgage Lending and submit Annual Environmental and Social Reports to the EBRD.

Technical Cooperation and Grant Financing

None

Company Contact Information

Ioannis Asimelis
ioannis.asimelis@alpha.gr
+30 210 326 4118
+30 210 326 8309
www.alpha.gr
40 Stadiou Str., 102 52 Athens, Greece

Implementation summary

The project supported the stabilisation of the Greek banking sector and the broadening of banks' financing options by re-introducing covered bonds as a valuable funding tool. The project has successfully contributed to the diversification of Alpha's funding sources, supporting its return to the debt capital markets. The investment in Alpha's longer-tenor covered bonds has also contributed to the development of a benchmark pricing curve for Greek banks' funding instruments.

PSD last updated

15 Feb 2022

Understanding transition

Further information regarding the EBRD’s approach to measuring transition impact is available here.

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with the EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and its associated Environmental and Social Requirements (ESRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”. The ESP and the ESRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation, and to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about the environmental and social (E&S) performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD also requires its clients to disclose information, as appropriate, about the risks and impacts of projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.

More information on the EBRD’s practices in this regard is set out in the ESP.

Integrity and compliance

The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all of the Bank's activities in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The EBRD believes that identifying and resolving issues in the project assessment and approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts andhelps to monitor integrity risks in projects post-investment.

OCCO is further responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, either within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to compliance@ebrd.com. OCCO will follow-up all matters reported. It will review all matters reported. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.

Access to Information Policy (AIP)

The AIP, which entered into force on 1 January 2025, sets out how the EBRD discloses information and consults with its stakeholders to promote better awareness and understanding of its strategies, policies and operations. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the EBRD enquiries form.

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (for example, through the client’s project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the mechanism is: to support dialogue between project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or the project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate and how to submit a Request for review. Alternatively, contact IPAM by email at ipam@ebrd.com for guidance and more information on IPAM and how to submit a request.

Environmental and Social Documentation is not available for this project.

Selected procurement notices related to this project may be shown below. Further procurement opportunities related to this and other projects, if available, maybe be viewed in the EBRD Procurement Portal.

The EBRD's Environmental and Social Policy (ESP), Access to Information policy (AIP) and Project Accountability Policy (PAP) enable sound and sustainable development in its projects. The Independent Project Accountability Mechanism (IPAM) deals with complaints about environmental, social and disclosure matters related to the Bank’s investments.

No complaints about this project have been made so far.

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Alpha Bank AE: covered bonds investment

Overview

Project timeline

Company Contact Information

Project description

Project objectives

Transition impact

Client information

EBRD Finance Summary

Total project cost

Environmental & Social Summary

Technical Cooperation and Grant Financing

Company Contact Information

Implementation summary

PSD last updated

Understanding transition

Business opportunities

General enquiries

Environmental and Social Policy (ESP)

Integrity and compliance

Access to Information Policy (AIP)

Independent Project Accountability Mechanism (IPAM)