Print this page

Market Covered Bond Transaction by NBG

11 October 2017 | Published in News.

Dracopoulos & Vassalakis LP acted as Greek legal counsel to National Bank of Greece S.A. for the first Greek covered bond transaction since 2009 and the first market transaction for a Greek bank since 2014, having issued a 3-year €750 million conditional pass through covered bond at 2.90% yield under its €15 billion Covered Bond Programme II.

The covered bond attracted a diverse pool of interest amounting to around €2bn from more than 110 institutional investors.

The transaction won the GlobalCapital Award for Best Debut Deal at the Euromoney/ECBC Covered Bond Conference 2018 that took place in Munich. That was the third international award for NBG’s Covered Bond Issue, following the EMEA Securitisation and Structured Finance 2018 Deal Award by The Banker and the Editor Choice 2018 Award by the Covered Bond Report.

DVLaw has acted as Greek legal counsel in connection with the establishment by NBG of its €10 billion residential mortgage Covered Bond Programme I in 2008 and its €15 billion residential mortgage Covered Bond Programme II in 2010 and since then is NBG’s legal counsel for all transactions relating thereto (cover pool management, annual updates and programme amendments, issuance of all series under the two CB Programmes etc.)