High covered bond take-up in NBG buyback despite ‘unique challenges’
Some 43% of National Bank of Greece covered bondholders submitted their paper for buyback below par, helping the bank reach a €300m core tier one gain through its liability management exercise.
Market participants said that although the Greek sovereign debt situation made the exercise a unique case, the 43% take-up rate on the covered bond buyback was high. The overall take-up rate across the covered bond and five hybrid tier one instruments being targeted was 45%.
Greece is a special
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