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NBG launches project Frontier

The Bank launched the tender process for the selection of a preferred investor. The investor will buy 95% of the intermediate and low-grade bonds of the Frontier securitization.

Frontier is a portfolio of 201 thousand NPLs of 87 thousand borrowers and an outstanding capital of €7 bn, of which €6.1 bn are in the balance sheet. The non-binding offers are expected to be submitted around February 10th, and, the VDR will open around end of February to early March, for the investors that pass to the second phase.

The binding bids are scheduled to be ubmitted at the beginning of the second quarter. The SPA is also expected to be signed during the second quarter.

Original Source: ered.gr

Adaptation/Summary: Kiki Athanasiadis

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