Oversubscription for NBG Bond – Offers of €1.5 Billion

The National Bank of Greece (NBG) bond was three times oversubscribed, with offers reaching €1.5 billion.

The interest rate is around 110 basis points above the mid swap rate, according to initial estimates.

This is a seven-year bond with a call option after six years (7NC6), which is expected to receive a Baa1 rating from Moody's. The bank maintains a Baa1 rating with a stable outlook from Moody's, BBB- with a stable outlook from S&P, and BBB- with a positive outlook from Fitch.

NBG notes that the funds raised will be used for general corporate purposes.

The co-managers of the issue are Commerzbank, Credit Agricole CIB, Goldman Sachs Bank Europe SE, Jefferies, J.P. Morgan (B&D), and Morgan Stanley.