ANNOUNCEMENT - EXCHANGE OF GREEK GOVERNMENT BONDS



NATIONAL BANK OF GREECE S.A.

 

EXCHANGE OF GREEK GOVERNMENT BONDS

 

Athens, 22/01/2020

 

The Hellenic Republic and National Bank of Greece (NBG) have agreed on a Greek Government Bond (GGB) exchange, involving three existing Greek Government Bonds (GGBs) held by NBG with a new GGB. The terms of the existing and new GGBs are as follows:

 

Existing GGBs

ISIN

Interest Rate

Maturity

Nominal

Settlement amount

GR0112009718

2.9%

20/3/2023

250,250,000

270,620,350

GR0116007924

3.25%

20/3/2025

964,000,000

1,091,633,600

GR0118018663

3.55%

20/3/2026

2,100,000,000

2,439,570,000

Total

 

 

3,314,250,000

3,801,823,950

 

New GGB

 ISIN

Issue Date

Maturity

Nominal Amount

Issue Price

Coupon Rate

GR0138016820

21/1/2020

20/3/2050

3,314,250,000

114.7114415026

3.25%

 

 

The exchange was executed at market terms and was settled on 21 January 2020. NBG realizes a gain of ca. €515 million (based on the accounting value of the existing GGBs) resulting from the recent Greek sovereign spread compression, through an exchange that safeguards recurring interest income at a yield to maturity of ca. 2.5%.

The transaction enhances NBG's capital position, facilitating the frontloading of an ambitious NPE reduction plan.


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