National Bank of Greece successfully completed the placement of GBP 200 million senior preferred bonds in the international capital markets.
The deal is the first offering in this currency from a Greek - based issuer since 2009 with 70% of the bond allocated to foreign investors.
The bond matures in four and a half years and is callable in three and a half years. The coupon of the bond is 8,75%. The final cost for the Bank, after a cross-currency swap, is 6,97%, or 421 bps over 6-month Euribor.
The issuance is part of the Bank’s strategy to increase its Minimum Required Eligible Liabilities (MREL), which is a supervisory requirement for all banks.
The Goldman Sachs Group Inc. acted as joint bookrunner of the issue.
Allen & Overy and Karatzas & Partners acted as legal advisers to NBG.