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National Bank of Greece details SME CLO; CLO volume nearly 10 billion year to date
By Cristal Cody
Eureka Springs, Ark., Aug. 9 National Bank of Greece SA released details about its new 647,770,761 small and midsize enterprise CLO deal, the banks first cash flow SME CLO transaction in about eight years.
The bank priced six tranches of asset-backed floating-rate notes.
The deal brings total euro-denominated CLO issuance year to date to 9.65 billion, according to Prospect News data.
National Bank of Greece priced 647,770,761 of asset-backed notes due July 15, 2035 at par in the Sinepia DAC small and midsize enterprise CLO deal, according to a prospectus and market source.
The CLO sold 150 million of class A1 floating-rate notes, 35 million of class A2 floating-rate notes, 50 million of class A3 floating-rate notes and 88.8 million of class A4 floating-rate notes at Euribor plus 185 basis points in the senior tranches.
HSBC Bank plc and National Bank of Greece were the joint arrangers.
The Sinepia offering is the banks first cash flow SME CLO deal since the 2007-2008 financial crisis, according to S&P.
The deal is collateralized by static secured and unsecured loans originated by National Bank of Greece and granted to small and midsize companies.
Proceeds will be used to purchase a portfolio of loan and bond loan receivables.
National Bank of Greece is a banking and financial services company based in Athens.
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