NBG Covered Bonds

Location:

Greece

Project number:

49096

Business sector:

Financial institutions

Notice type:

Private

Environmental category:

FI

Target board date:

20 Sep 2017

Status:

Signed

PSD disclosed:

31 Oct 2017

Translated version of this PSD: Greek

Project Description

The EBRD subscribed EUR 30 million to the EUR 750 million covered bond issued by National Bank of Greece S.A. (NBG). The project signals the return of Greek banks to the international debt capital markets. The bond matures in October 2020.

Project Objectives

The bond proceeds will be used to reduce the bank's dependence on Eurosytem's Emergency Liquidity Assistance funding thus contributing towards the normalisation of NBG's liquidity position.

Transition Impact

The project provides NBG access to medium-term funding, diversifies its funding sources and addresses balance sheet mismatches, while it supports the bank's efforts to create a benchmark pricing curve for its debt instruments.

Client Information

NATIONAL BANK OF GREECE

NBG, one of the four Greek systemic banks, is the country's oldest lender having established in 1841. The bank has a total assets base of EUR 70 billion as of end of June 2017 and its shares are listed on the Athens Stock Exchange.

EBRD Finance Summary

EUR 100,000,000.00

EUR 100 million envelope for EBRD's investments in covered bonds issued under NBG's Covered Bond Programme II. The investment in the three-year benchmark covered bond issued by NBG in October 2017 was made in the amount of EUR 30 million.

Total Project Cost

EUR 1,500,000,000.00

Environmental and Social Summary

Categorised FI (ESP 2014): NBG is required to comply with the EBRD's Performance Requirements 2, 4 and 9, adopt and implement EBRD's Environmental and Social ("E&S") Procedures for Financial Institutions and submit Annual E&S reports to the EBRD.

Technical Cooperation

None.

Company Contact Information

Apostolos Mantzaris, Deputy Head of Funding Solutions and Structured Finance
mantzaris.ap@nbg.gr
+30 210 332 8517
https://www.nbg.gr/en
68 Akadimias Str, 106 78, Athens, Greece

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