Athens, Greece. The National Bank of Greece (NBG) announced it will proceed with the early repayment of a bond loan, exercising its call option ahead of the bonds’ June 2, 2027 maturity. The bank said investors will be repaid in full at nominal value plus accrued interest.
Bond details and repayment terms
NBG said the bonds originally amounted to £200 million and will now be repaid in full to investors. Investors will receive 100 per cent of the nominal value of the bonds along with any accrued interest, in line with the terms of the issuance.
The bank said the outstanding balance of £30.93 million will be settled immediately as part of the early redemption process.
Notes and programme framework
The bonds are Fixed Rate Resettable Unsubordinated MREL Notes, issued on December 2, 2022 under the bank’s €5 billion Global Medium Term Note Programme.
NBG said it has exercised the call option on all remaining outstanding notes, bringing forward their repayment ahead of schedule.
Conditions, legal basis and compliance
The bank said the redemption will take place at nominal value, as stipulated under Condition 10.3 of the bond terms. Any interest accrued but not yet paid will also be distributed to investors in accordance with the bond conditions.
The announcement was made in accordance with Regulation 596/2014 on market abuse and the relevant provisions of Greek law 3556/2007. NBG also said it ensured full compliance with the Minimum Requirement for Own Funds and Eligible Liabilities (MREL) prior to exercising the call option.
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