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National Bank of Greece (ADR): Measures To Ensure Recovery After Test Results 

November 4, 2015

Talfryn Taylor, Business Finance News

European Central Bank (ECB) conducted stress test revealed a capital shortfall of $4.6 billion shortfall in Greek banks. To meet that shortfall, major Greek banks have launched a debt-for-equity swap.

National Bank of Greece (ADR) is targeting as much as seven bond issues, which are in dollars, euros, and sterling. Their nominal value is calculated to be €2.82 billion, out of which €802.6 million worth of bonds currently outstand. The deal is being currently managed by three major banks: Goldman Sachs, Morgan Stanley, and Nomura, and November 11 mark the expiration of this deal.

Under the adverse situation, €14.4 billion was lagging for four major Greek banks as reported by ECB test (€4.4 billion under the baseline scenario). For National Bank of Greece, €4.6 billion shortage is under the adverse scenario.

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