Greece's NBG completes 1.5 bln eur covered bond issue

 

National Bank, Greece's largest lender, said on Monday it completed a 1.5 billion euro issue of covered bonds as part of a 10 billion europlan approved Nov. 2008.

The bonds covered by mortgage loans, have a duration of eight years and pay a floating rate based on the benchmark ECB rate plus a spread of 190 basis points.

The tranche is rated Aaa by Moody's and AA by Fitch.