The National Bank of Greece has exercised its call option to redeem all outstanding notes under a €500 million bond issue due in November 2027, with the early redemption to take place at face value and accrued unpaid interest also payable.
In an announcement to investors, the National Bank of Greece said the notes were issued on November 22, 2022, under its €5 billion Global Medium Term Note Programme and carry the designation Fixed Rate Resettable Unsubordinated MREL Notes.
The notes have a maturity date of November 22, 2027, and are identified by the international securities identification number XS2558592932.
Although the original issue was valued at €500 million, the outstanding principal amount currently stands at €284,835,000.
The bank said the notes would be redeemed at par, meaning their face value, in accordance with Condition 10.3 of the terms governing the securities.
Accrued but unpaid interest will also be paid in line with the notes’ terms and conditions.
The announcement was made pursuant to the EU Market Abuse Regulation (Regulation 596/2014) and Greek Law 3556/2007.
The National Bank of Greece also stated that, in accordance with Condition 10.12 of the notes, it complies with the conditions prescribed by the minimum requirement for own funds and eligible liabilities (MREL) for redeeming the securities before exercising the call option.