Emporiki Bank of Greece, rated Baa1/BBB-/BBB+, launched yesterday a highly successful inaugural EUR 400 million 3-year FRN transaction through Emporiki Group Finance PLC. The deal was launched under the Bank?s EMTN programme.

The pre-marketing period involved a one-week roadshow in the UK, France, Germany, Portugal, Italy and Greece. The issuer originally planned a EUR 300 million deal. The issue was 1.7 times oversubscribed and Emporiki Bank decided to satisfy some of the additional demand by upsizing the transaction.

The issue attracted strong international demand from 47 accounts in 12 regions. Three quarters of the demand came outside Greece, with France, Italy, the UK and Germany accounting for over 50%. The rest was sold to investors in Austria, Benelux, Cyprus, Portugal, Switzerland, Israel and Taiwan.

The issue caries a coupon of 3-month Euribor + 30 basis points, matures on November 1, 2007 and will be listed on the Luxembourg Stock Exchange.

The Joint Lead Managers were Banc of America Securities, CALYON and Deutsche Bank. The Senior Co-Leads on the transaction were Emporiki Bank and Natexis Banques Populaires, and Co-Leads were Alpha Bank, BCP, BNL, EFG Eurobank, Greek Postal Savings Bank, NBG, Piraeus Bank and UBM.