National Bank of Greece (NBG) on Friday announced that it had
National Bank of Greece (NBG) on Friday announced that it had successfully completed the issuance of 500-million-euros in additional Tier 1 notes through international capital markets.
NBG said the offered a fixed coupon of 5.8%. The notes, which are perpetual with a fixed rate reset, a contingent temporary write down and a call option after 5,5 years, mark NBG’s first Additional Tier 1 issuance, a relevant announcement stated.
According to NBG, the “…the Notes are callable at par on any interest payment date falling on or after August 12th 2031 according to the terms and conditions of the Notes. Settlement will take place on February 12th 2026, and the Notes will be listed on the Luxembourg Stock Exchange’s Euro MTF market.”
The full announcement reads:
This transaction forms a key part of NBG’s strategy to optimize its capital structure. The offering attracted strong investor interest, with demand peaking at approximately €5.5 billion from over 300 institutional investors, resulting in an oversubscription of 11 times.
The final pricing reflects a spread of 331.7 basis points over the corresponding mid-swap rate, the tightest spread achieved to date for Greek Additional Tier 1 bonds and the 6th lowest reset
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