We are happy to announce the successful, inaugural issuance by National Bank of Greece S.A. (the Bank or NBG) of €500m Additional Tier 1 Notes with a coupon of 5.8% (the Notes).

The Notes, which are perpetual with a fixed rate reset, a contingent temporary write down and a call option after 5,5 years at par, will be listed on the Luxembourg Stock Exchange’s Euro MTF market. The offering attracted strong investor interest, with demand peaking at approximately €5.5 billion from over 300 institutional investors, resulting in an oversubscription of 11 times.

Our firm acted as external legal advisor to NBG and the sole legal advisor for the transaction on all Greek law aspects.

Our team that handled corporate, regulatory banking and capital markets law issues consisted of Alexandra Kondyli, Maria Chronaki, Dimitris Passas and Daphne Farmaki. Greek tax law issues were handled by Eleonora Ligoutsikou.

Congratulations to NBG team for yet another successful transaction.