Hellas Direct Parent Issues €20M Tier 2 Bond to Fuel Expansion

10:38 10/6/2025 - Πηγή: Dikaiologitika

HD Insurance PLC, the parent company of Greek insurer Hellas Direct, has successfully completed the issuance of a €20 million Tier 2 subordinated bond.

The bond carries a 10-year maturity and offers a fixed annual coupon of 8% for the first five years. After that period, the issuer retains the option to redeem

it.

Athlos Capital acted as advisor and coordinator for the private placement and is also supporting the process of listing the bond on the Emerging Companies Market (ECM) of the Cyprus Stock Exchange, with the application currently under review. The bond has already been registered with the Central Securities Depository (CSD) under ISIN: CY0241190319 and is held in a non-listed securities registry. It is freely transferable and eligible for over-the-counter (OTC) trading.

The move marks another milestone for Hellas Direct co-founders and co-CEOs Emilios Markou and Alexis Pantazis, as the company enters a more mature phase, with access to external funding becoming more structured and secured on competitive terms. Proceeds from the bond will fund technological upgrades and the company’s geographic expansion, reinforcing its position in its core markets.

The issuance was significantly oversubscribed, indicating strong market confidence. As a Tier 2 instrument, the bond carries higher investment risk compared to senior debt, as it is unsecured and ranks lower in the capital structure in the event of default. However, the attractive 8% yield reflects this risk profile. According to company sources, deploying the raised funds in targeted growth initiatives is expected to help offset the financial cost.

This bond issuance places HD Insurance under the scrutiny of institutional investors, who will now evaluate the company on metrics such as capital adequacy, business model, and long-term strategy. The bond also establishes a financial benchmark for future instruments, including potential new bonds or equity raises.

Already known as prominent voices in the insurance and startup sectors, Pantazis and Markou are now expected to engage more regularly and transparently with the investment community—laying the groundwork for Hellas Direct’s market image and valuation.

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