National Bank: Frontier III Transaction Completed

The completion of the ‘Frontier III’ transaction was announced today by the National Bank following the acquisition of a guarantee on high-priority repayable bonds. Specifically, following a related announcement on February 27, 2025, the National Bank informed investors about the completion of the ‘Frontier III’ transaction after receiving the guarantee from the Greek Government on high-priority repayable bonds under the provisions of Law 4649/2019 as amended and currently applicable for the Guarantee Program in securitizations of credit institutions ‘Hercules’. The transaction involves the securitization of a portfolio of non-serviced exposures with a total book value of approximately €0.7 billion. The NBG retains 100% of the high-priority (Senior) bonds and 5% of the medium-priority (Mezzanine) and low-priority (Junior) bonds, while 95% of the medium-priority (Mezzanine) and low-priority (Junior) bonds are allocated to investment funds managed by Bracebridge Capital, LLC. Morgan Stanley & Co. International acted as financial advisor and arranger of the transaction, while the law firms Clifford Chance LLP and Karatzas & Associates served as legal advisors for English and Greek law respectively.