Totta 10s paves way for NBG covered deal
National Bank of Greece (NBG) is poised to issue the first post-crisis Greek covered bond, having drawn confidence from the blowout reception Santander Totta won for its €1bn 10 year this week — the longest Portuguese deal since 2010. Bill Thornhill reports.
Banco Santander Totta attracted an order book of €3.25bn from 150 investors and, despite the fact that it paid no new issue concession, the bonds tightened sharply, repricing the issuer’s secondary curve.
Bankers said the scale of demand and secondary performance gave a strong tailwind to NBG, which
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