NBG covered bond shows sub-IG future
National Bank of Greece showed this week that a covered bond does not need to have an investment grade rating to be a success. By implication the product has almost unlimited funding potential for a broad swathe of global issuers, particularly those from the emerging markets, writes Bill Thornhill.
Until this week, no other borrower had properly tested market appetite for a truly benchmark sized sub-investment grade covered bond.
NBG showed what can be achieved when it issued a €750m three year conditional pass through (CPT) covered
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