Greece National Bank securitises 1 bln euros of non-performing loans

National Bank of Greece

20/02/2024 10:58

ATHENS, Feb 20 (Reuters) - National Bank of Greece (NBG)
said on Tuesday it had concluded the securitisation of a
portfolio of non-performing loan exposures (NPE) with a total
gross book value of 1 billion euros.
    The bank said it retains 100% of the Senior notes and 5% of
the mezzanine and Junior notes, selling 95% of the Mezzanine and
Junior to funds managed by Bracebridge Capital, LLC.
    Greek banks have been working to reduce the remaining bad
loans, of about 7 billon euros, that resulted from the last
financial crisis, making use of the state's guarantee scheme
"Hercules".
    Morgan Stanley & Co. International acted as financial
advisor and arranger of the transaction, while Clifford Chance
LLP and Karatzas & Partners Law Firm served as international and
local external legal counsel, respectively.

 (Reporting by Lefteris Papadimas; Editing by Kirsten Donovan)
 ((lefteris.papadimas@thomsonreuters.com; +30 210 3376477;
Reuters Messaging: lefteris.papadimas.reuters.com@reuters.net))