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GreeceBusinessNational Bank of Greece completes the landmark Frontier transaction

National Bank of Greece completes the landmark Frontier transaction

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Hellenic News of Americahttps://www.hellenicnews.com
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Following a relevant announcement on October 15th, 2021, National Bank of Greece (“NBG”) informs investors on the completion of the Frontier transaction, which involves the securitization of a portfolio of non-performing exposures (“NPE”) with a total gross book value of c€6b, following the receipt of all necessary approvals, including the provision of the State guarantee on the Senior notes, under the Hellenic Asset Protection Scheme (“HAPS”).

Frontier represents a landmark transaction and a decisive step for NBG to soon deliver a mid-single digit NPE ratio. Specifically, the transaction (i) received two credit ratings, (ii) was not associated with a hive-down and (iii) is serviced by a servicer not arising from a carve from the bank itself. Frontier also constitutes a unique transaction in Greece from a capital perspective adding c.1.5ppts to our capital ratios.

NBG retains 100% of the Senior notes and 5% of the Mezzanine and Junior notes, selling 95% of the Mezzanine and Junior notes to the consortium consisting of affiliates of Bain Capital Credit, Fortress Investment Group and doValue Greece.

Morgan Stanley & Co. International plc acted as financial advisor and arranger of the transaction, Clifford Chance LLP and Karatzas & Partners as international and local external legal counsel to NBG, respectively, Oliver Wyman as technical advisor while Cerved supported the Bank on Portfolio Business Plan preparation

SOURCE: AMNA

The copyrights for these articles are owned by the Hellenic News of America. They may not be redistributed without the permission of the owner. The opinions expressed by our authors do not necessarily reflect the opinions of the Hellenic News of America and its representatives.

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