We are happy to announce the successful completion of the new issuance of €500 million Fixed Rate Resettable Unsubordinated MREL Notes due 2032 (the New Notes) by our long-standing client, the National Bank of Greece.

This transaction forms a key part of NBG’s strategy to meeting its Minimum Required Eligible Liabilities (MREL). The offering attracted strong investor interest, with demand peaking at approximately €1.7 billion from over 100 institutional investors, resulting in an oversubscription of more than 3.5 times, achieving a pricing reflecting a 90bps spread over the corresponding mid-swap rate.

Our firm acted as the sole external Greek law advisor to the issuance of the New Notes.

Our core team comprised of Alexandra Kondyli and Dimitris Passas, with respect to Greek corporate, capital and banking law matters; and Eleonora Ligoutsikou, with respect to Greek tax law issues.

Congratulations to the NBG team on another successful transaction.