We have advised National Bank of Greece on the signing of Project Frontier II, a multi-asset securitization of NPEs with a gross book value of c. €1 billion. 95% of the Mezzanine and Junior notes will be sold to investment funds managed by Bracebridge Capital, LLC. National Bank of Greece will retain 100% of the Senior notes, utilizing the provisions of the Hellenic Asset Protection Scheme (”Hercules”) and 5% of the Mezzanine and Junior notes.
The transaction, which received two preliminary credit ratings for the Senior notes, will boost NBG’s total capital by c. 25bps, with the pro-forma 1H.22 Total Capital ratio increasing to 17.5% and decreases net NPEs to €0.4b, near that of European peers.
Our team was led by our Partner Catherine Karatzas, assisted by our Senior Counsel Christos Paraskevopoulos, our Associate Stavroula Simitzi and our Trainee Mariana Gravani.
We are glad to continue working with our client for the completion of this complex and value adding transaction.
For more information: https://www.nbg.gr/-/jssmedia/Files/Group/Press-office/Press-office-releases/R-29-07-22-frontier-en/NBG_Frontier-II_Signing_Press-Release_EN.pdf?rev=82a0893107d64dd39eced97db36f1442