National Bank of Greece to redeem MREL notes due 2027 early at face value

Athens, Greece. National Bank of Greece has decided to use its call option to repay early all remaining notes from a €500 million bond issue that matures in November 2027. Holders will receive the face value of the notes, and interest that has accrued but not been paid will also be settled.

Details of the notes

In a statement to investors, the bank said the notes were issued on November 22, 2022, under its €5 billion Global Medium Term Note Programme. They are classed as Fixed Rate Resettable Unsubordinated MREL Notes and are identified by the international securities identification number XS2558592932.

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The scheduled maturity date is November 22, 2027. The original issue was worth €500 million, but the principal still outstanding is €284,835,000.

Terms of redemption

The bank said the redemption will be made at par, meaning at face value, under Condition 10.3 of the terms governing the securities. Accrued but unpaid interest will be paid in line with the notes’ terms and conditions.

Regulatory framework

The announcement was issued under the EU Market Abuse Regulation (Regulation 596/2014) and Greek Law 3556/2007.

National Bank of Greece also stated that, under Condition 10.12 of the notes, it meets the conditions set by the minimum requirement for own funds and eligible liabilities (MREL) for redeeming the securities ahead of exercising the call option.