Investors’ demand was reportedly high over the National Bank of Greece’s (NGB) foray into the markets on Monday, as the Greek systemic bank aims to raise €500 million, with reports citing offers already exceeding the one-billion-euro mark.

The book-building process opened for the five-year senior preferred bond – a product offering a higher level of security compared to other types of debt – earlier today with an interest rate set at 5%.

Bank of America and BofA Securities, Citi, Deutsche Bank, HSBC, Nomura and UBS Investment Bank have been appointed as global coordinators of the process of the issuance of NGB’s bond.

Last week, another Greek systemic bank, Eurobank, successfully concluded the issuance of a Tier 2 Capital Bond amounting to 300 million euros, with the total demand by investors reaching €1.8 billion, resulting in a 0.50% yield reduction from the initial 6.875% to 6.375%.