National Bank of Greece SME CLO

Location:

Greece

Project number:

48467

Business sector:

Financial institutions

Notice type:

Private

Environmental category:

FI

Approval date:

20 Jul 2016

Status:

Complete

PSD disclosed:

08 Aug 2016

Translated version of this PSD: Greek

Project Description

The proposed securitisation project would refinance SME working capital and investment loans originated by National Bank of Greece ("NBG"), thereby freeing up capital and providing funding to make new SME loans in Greece. The EBRD would subscribe to senior notes issued against a securitised portfolio of NBG's SME loans.

Project Objectives

The transaction will allow NBG to access medium-term funding via an ABS structure. The EBRD funding will be used to expand NBG's SME loan portfolio sustainably.

Transition Impact

The transaction is the first publicly listed ABS structure since 2007 and signals the viability of the ABS asset class in Greece. The transaction could be the catalyst for future issuances, allowing  Greek banks, which had to rely on volatile short-term deposits and Eurosystem funding, to access medium to long-term funding and balance their asset / liability maturity profile. The transaction also provides NBG with appropriate funding to increase lending to SMEs whose access to finance has been particularly challenging.

Client Information

NATIONAL BANK OF GREECE S.A

National Bank of Greece, the largest of the four systemic banks in Greece.

EBRD Finance Summary

EUR 50,000,000.00

As part of the proposed securitisation project, EBRD invests in senior notes denominated in Euros and securitised by a portfolio of SME loans originated by NBG. The transaction structure envisages the issuance by Sinepia D.A.C. ("issuer") of approximately EUR 324 million senior and EUR 324 million mezzanine/junior notes. EBRD is subscribing to EUR 50 million of the senior notes with EIB, EIF and NBG subscribing to the remaining senior notes and NBG also subscribing to the mezzanine/junior notes. Senior notes are rated BB by S&P and B- by Fitch.

Total Project Cost

EUR 648,000,000.00

Environmental and Social Summary

National Bank of Greece is required to comply with the EBRD's Performance Requirements 2, 4 and 9, adopt and implement Environmental and Social Procedures for SME loans and submit Annual Environmental and Social 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

Business opportunities

For business opportunities or procurement, contact the client company.

For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

Public Information Policy (PIP)

The PIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations. Please visit the Public Information Policy page below to find out how to request a Public Sector Board Report.
Text of the PIP

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out how to submit a Request for review through our confidential online form, by email, mail or telephone. IPAM is available to discuss your concerns and answer any questions you may have about the submission or handling of Requests, which follow the Project Accountability Policy and Guidance. Requestors’ identities may be kept confidential, upon request.

Share this page: