National Bank of Greece completes the landmark Frontier transaction

​Following a relevant announcement on October 15th, 2021, National Bank of Greece (“NBG”) informs investors on the completion of the Frontier transaction, which involves the securitization of a portfolio of non-performing exposures (“NPE”) with a total gross book value of c€6b, following the receipt of all necessary approvals, including the provision of the State guarantee on the Senior notes, under the Hellenic Asset Protection Scheme (“HAPS”).

Frontier represents a landmark transaction and a decisive step for NBG to soon deliver a mid-single digit NPE ratio. Specifically, the transaction (i) received two credit ratings, (ii) was not associated with a hive-down and (iii) is serviced by a servicer not arising from a carve from the bank itself. Frontier also constitutes a unique transaction in Greece from a capital perspective adding c.1.5ppts to our capital ratios.

NBG retains 100% of the Senior notes and 5% of the Mezzanine and Junior notes, selling 95% of the Mezzanine and Junior notes to the consortium consisting of affiliates of Bain Capital Credit, Fortress Investment Group and doValue Greece.

Morgan Stanley & Co. International plc acted as financial advisor and arranger of the transaction, Clifford Chance LLP and Karatzas & Partners as international and local external legal counsel to NBG, respectively, Oliver Wyman as technical advisor while Cerved supported the Bank on Portfolio Business Plan preparation.

Contact Us

We are always ready to respond to your requests for information or to answer your questions about our products and services.

Request more information

Please complete the following details so we can provide you the information you need. In case of fraud, please contact our call center directly at 210 484 8484.
Optional custom content that replaces the the entire default content.