National Bank of Greece, taking advantage of its long standing recognition in the international debt capital markets and its brand name, has established issuance programmes to enhance its liquidity profile and diversify its funding sources. The Bank intends to exploit every issuance opportunity bearing attractive terms, either through issuance from the existing programmes or via standalone issuances.

 On August 2016, NBG completed the first Greek SME securitization transaction since 2007, SINEPIA D.A.C (the Transaction). NBG raised up to €300mn of medium-term funding by placing the senior notes with the European Investment Bank (EIB), the European Investment Fund (EIF) and the European Bank for Reconstruction and Development (EBRD) (together hereafter, the Investors).  The senior notes, rated at BB by S&P (Link to S&P report) and B- by Fitch (Link to Fitch press release), were stressed and withstood investment grade scenarios, but were capped by the sovereign ceiling (BB by S&P and B- by Fitch).

On October 2017, on the back of a comprehensive 4-day roadshow, NBG completed the first Greek covered bond transaction since 2009 and the first capital markets transaction for a Greek Bank since 2014, pricing  a 3-year 750 million conditional pass through covered bond at 2.90% yield, issued under 15 billion Covered Bond Programme II. The covered bond attracted a diverse pool of interest amounting to around €2bn from more than 110 institutional investors. The vast majority of interest came from international investors (85%).

On 6th of July 2018, S&P rated NBG's 15 billion Covered Bond Programme II at BBB-. The covered bonds issued under the programme became the first investment grade bonds issued by Greece's financial sector since 2011. The covered bonds also achieved ECB Main Refinancing Operations eligibility (Link to S&P New Issue Report).

On 30th of July 2018, NBG completed a private placement of an initial amount of 100mln covered bonds issued under 15 billion Covered Bond Programme II with the European Investment Bank.


The Bank maintains two covered bond programmes:

Generic information regarding the Greek Covered Bond framework can be found at ECBC's website and our Fixed Income Presentations.



National Bank of Greece S.A.

​Rating Agency​Long Term Issuer​Last Evaluation Date
Fitch (Link)B-7/5/2021
Moody's (Link)​B3 (Positive)20/9/2021
S&P (Link)B+ (Stable)27/4/2021

​​​€10 billion Global Covered Bond Programme

​Rating Agency​Rating​​Last Evaluation Date
​Moody's (Link)A310/11/2020
S&P (Link)A-30/4/2021

€15 billion Covered Bond Programme II

​Rating Agency​Rating​Last Evaluation Date
​Moody's (Link)A312/3/2021
S&P (Link)A-30/4/2021

​all amounts in € mln


ISIN Description ​CurrencyAmount OutstandingIssue DateMaturity Date
XS1499589833€10 billion Covered Bond Programme IEUR1,5005/10/20165/4/2021
XS1698932925€15 billion Covered Bond Programme IIEUR 75019/10/201719/10/2020
​XS1860479077​€15 billion Covered Bond Programme II​EUR ​20030/7/2018​​28/8/2023
XS2028846363Subordinated Fixed Rate Resettable Tier 2​EUR​400​18/7/2019​18/7/2029
XS2237982769Green Fixed Rate Resettable Unsubordinated MREL NotesEUR​500​8/10/2020​8/10/2026