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).
The Bank maintains two covered bond programmes:
Generic information regarding the Greek Covered Bond framework can be found at ECBC's website.