National Bank (NBG), Greece’s second largest lender, has opened the books on a 10-year Tier II subordinated bond, with initial price estimates around 9 percent, IFR, Refinitiv’s capital markets news service, said on Thursday.
NBG has mandated Goldman Sachs International and Morgan Stanley as global coordinators and joint bookrunners. Bank of America Merril Lynch, Credit Suisse and J.P. Morgan are joint bookrunners.
The deal comes in the wake of a 400 million-euro 10-year Tier II issue by peer Piraeus Bank on June 19.
Piraeus’s Tier II was priced at par with a coupon of 9.75 percent. The trade showed that many credit investors were comfortable buying subordinated Greek paper, attracting more than 850 million euros of orders from about 130 accounts, IFR said.