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FINANCIALS: Natl Bank OfGreece: Small T2 Redemption, Another Small Step...

FINANCIALS

National Bank of Greece (ETEGA: Ba1 pos/BB pos/BB pos) confirming the early redemption of its Tier 2 notes (ETEGA 8.25% 07/18/29) on 18-Jul.

  • Only EUR80m outstanding, notes will be redeemed at par and notes are currently trading about there so evidently expected.
  • Greek state has been relatively vocal about selling down its equity stake (currently c.18%) in the bank by year-end, so this is another small step in the long road to recovery for the Greek system.

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