Politis

National Bank Successfully Issues €600 Million Green Bond - Investor Demand Reaches €3.5 Billion

Published January 27, 2026, 05:13
National Bank Successfully Issues €600 Million Green Bond - Investor Demand Reaches €3.5 Billion

National Bank has successfully completed the issuance of a €600 million high-grade green bond, with a coupon rate of 3.125% and a yield of 3.23%. The bond, maturing in 2031 with a call option in 2030, will be used to finance a portfolio of Green Projects in line with the Bank's Sustainable Bond Framework, strengthening the Bank's leading position in financing renewable energy projects. The transaction attracted strong investor interest, with demand peaking at €3.5 billion from over 150 institutional investors, representing an oversubscription of more than 5.8 times the issue amount. This issuance increases the proportion of green bonds to 67% of the Bank's total high-grade bond portfolio. The final pricing reflects a spread of 75 bps over the corresponding mid-swap, representing the lowest margin ever achieved in a bond issuance by a Greek bank. Over 85% of the bonds were allocated to international institutional investors, with 27% going to investors based in the United Kingdom, 20% in France, and 8% in Germany. The strong participation of international investors highlights the Bank's strong fundamentals and the improved outlook for the Greek economy. The issuance is also part of the Bank's strategy to meet the Minimum Eligible Capital Requirements (MREL), a regulatory requirement for European banks.