04 October 2023
We are happy to have advised National Bank of Greece in relation to the very successful issuance of €500 million Subordinated Tier II bonds with a yield of 8% and its placement in the international capital markets. The bonds issued mature in 10,25 years and are callable in 5,25 years.
The issuance is part of the Bank’s strategy to optimize its capital structure and increase its Minimum Required Eligible Liabilities (MREL), in the context of the supervisory requirement which applies to all systemic banks.
The transaction attracted interest in excess of €1,3 billion, with the participation of more than 100 institutional investors. Approximately 75% of the bond was allocated to international institutional investors. Barclays, Citi, Goldman Sachs Bank Europe SE, Morgan Stanley, Nomura and Société Générale acted as joint bookrunners of the issuance.
Our team was led by Partner Alexandra Kondyli and Senior Associate Maria Chronaki.
Congratulations to our client and many thanks for the excellent cooperation and trust all these years.