NBG set to buy back covered paper above trading levels

03 Jan 2012

National Bank of Greece is set to increase its core tier one capital by buying back its only covered bond alongside several tier one notes in a tender operation launched on Tuesday morning.

The bank is the latest in a long list of issuers to have used liability management exercises to generate core tier one capital as financial institutions aim to meet the European Banking Authority’s 9% ratio that come into force at the end of June.

The Greek bank is offering to buy back ...

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