National Bank of Greece (NBG) on Wednesday announced the successful placement of 500 million euros in subordinated tier II bonds with a yield of 5,875%

The bond matures in 11.25 years and is callable after 6.25 years.

According to its press release, the placement is part of NBG ’s goal to optimize its capital structure and increase its minimum required eligible liabilities (MREL).

The transaction attracted bids of 1.8 billion euros (oversubscribed by 3.6 times) from more than 140 investors.

More than 80% of the issue was placed with foreign institutional investors; more than 70% allocated to asset managers, insurance and pension funds.

Commerzbank, Goldman Sachs Bank Europe SE, IMI-Intesa Sanpaolo, J.P. Morgan, Morgan Stanley and Natixis acted as joint bookrunners of the issue.