Saturday December 20, 2014 Search
Weather | Athens
17o C
10o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
National bond issue already covered

 Share capital increase to be completed by May 10 for new shares to start trading by end of next month

By Yiannis Papadoyiannis

During a roadshow in London, National Bank officials have observed particularly strong investor interest in the lenders 750-million-euro bond issue and the planned share capital increase of 2.5 billion euros.

The book for the NBG bond will open on Thursday morning and close in the afternoon, with sources telling Kathimerini that the offers from foreign investors have already covered supply. The bond is independent from the share capital increase and is meant to draw liquidity for the bank.

NBG may now enjoy a great degree of liquidity, but its management has decided in favor of a bond issue in order to make the most of the favorable international conjuncture and expand its funding sources.

Investor interest in the new bond issue, which matures after five years, is high and the interest rate is likely to be some 50 basis points below that of the Greek bonds issued earlier this month (4.95 percent) i.e. below 4.50 percent.

The 2.5-billion-euro share capital increase will effectively be concluded on Saturday, May 10. The book will close in the afternoon of May 9 having opened either on the same morning or the day before. The level of demand will determine the price of sale to investors, and the NBG general assembly of shareholders on the following day will approve the sale price of the new shares according to the book of offers. The new shares will start trading on the local bourse by the end of next month.

Beyond the capital increase and the bond issue, National is also expecting to obtain some 1.04 billion euros through its action plan submitted to and approved by the Bank of Greece. These funds will not only cover the capital requirements of 2.183 billion euros identified by the recent stress tests, but will also allow National to submit an application for the repayment of the preferred shares acquired by the Hellenic Financial Stability Fund through the recapitalization process, worth 1.35 billion euros.

Goldman Sachs International and Morgan Stanley will be the international coordinators and joint managers of the book to be opened.

ekathimerini.com , Tuesday April 22, 2014 (23:07)  
Workers rush to get early retirement
Piraeus Containter Terminal goes from strength to strength
Moscovici: Creditor inspections to become less frequent and lighter
Property capital gains tax halt
Tsipras admits there could be hard days ahead
SYRIZA leader Alexis Tsipras said on Friday that he is determined to implement his partys economic program if it comes to power but admitted that it would experience a challenging period. ...
Public medical centers keeping up despite shortages
Despite having just 1,050 doctors, medical centers belonging to Greeces public health system (PEDY) saw more than 200,000 regular and emergency patients, made over 3,500 house calls and iss...
Inside News
BASKETBALL
Explosive Barca unfazed by Panathinaikos, bomb scare
Panathinaikos lost 80-67 at home to Barcelona on Friday in a rather meaningless game at the end of the first group stage of the Euroleague, but the encounter will be remembered for the bomb ...
SOCCER
Abidal cuts short playing career at Olympiakos
Former France and Barcelona defender Eric Abidal announced his retirement from football on Friday, a day before his last match. Abidal said he will finish after playing for Olympiakos agains...
Inside Sports
COMMENTARY
The big picture
In his second term, US President Barack Obama is taking steps to enshrine his legacy and solidify Americas standing in the 21st century. His recent decision to normalize relations between t...
EDITORIAL
Get your facts straight
The danger that political discourse in Greece will sink to the basest levels of vulgarity is already more than apparent from the allegations we have heard bandied about over recent days. The...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Explosive Barca unfazed by Panathinaikos, bomb scare
2. Tsipras admits there could be hard days ahead
3. Public medical centers keeping up despite shortages
4. Workers rush to get early retirement
5. Piraeus Containter Terminal goes from strength to strength
6. Moscovici: Creditor inspections to become less frequent and lighter
more news
Today
This Week
1. The big picture
2. Get your facts straight
3. Ship with 200 migrants off Pylos towed to Italy after passengers refuse to stop in Greece
4. Independent Greeks MP Haikalis claims attempted bribery for presidential vote
5. Independent Greeks leader backs MP's bribery claims, threatens to release video [Update]
6. Greek PM Samaras confronts peril putting his Greek transformation to vote
Today
This Week
1. Juncker warns Greeks against voting 'extreme forces' into power
2. Romanos and the dilemma
3. Samaras summons bond vigilantes with euro exit talk
4. A friendly yet firm message from Pierre Moscovici
5. Europe's drama in Greece needs final act to avoid tragedy
6. High stakes
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2014, H KAΘHMEPINH All Rights Reserved.