National Bank of Greece issued its first AT-1 bond, at yield of 5.8%

Macro/Political:

Tensions increased just days before the meeting between President of Turkey Recep Erdogan and Prime Minister of Greece Kyriakos Mitsotakis, as the Turkish Defence Ministry issued a tense response to recent comments by Greek Prime Minister Kyriakos Mitsotakis, reiterating Ankara’s red lines regarding the Aegean Sea.
The Turkish Ministry dismissed the legality of Greece’s claims and invoked its “Blue Homeland” doctrine. More specifically, the Turkish Defence Ministry stated: “Our country’s stance toward statements by Greek politicians regarding the extension of territorial waters in the Aegean Sea to 12 miles is clear”. It is also important to note that the meeting between the two leaders will take place on February 11 in Ankara, as government spokesman Pavlos Marinakis confirmed yesterday.

Source: Kathimerini

Markets:

NBG raised EUR 500mn at a yield of 5.8% through the issuance of a PNC5.5 AT-1 bond. The transaction received very strong investor demand, attracting approximately EUR 5.5bn and was oversubscribed by more than 10 times. The net proceed of the issuance will be used for general corporate and financing purposes of the Group and to further strengthen its capital base and capital adequacy ratios.
Source: Bloomberg

Macro/Political:

Scope credit rating review of the Cyprus economy is scheduled to be released today. The Agency currently holds Greece at A-, outlook positive.
Source: Scope Ratings

President of Cyprus, Nikos Christodoulides, yesterday, in his address on the annual planning of actions and priorities, presented the country’s new economic model, which shifts away from the traditional framework toward one that places technology and innovation at its core, while also emphasizing Cyprus’s role as a transit and logistics hub.
Furthermore, Christodoulides expressed the intention to strengthen the country’s strategic position through the development of a supply chain network, the establishment of special zones at airports and ports, and enhanced connectivity with the India-Middle East-Europe corridor, positioning Cyprus as an entry point to Europe for Asia and Africa.
Finally, Christodoulides noted that a strong and resilient economy constitutes the driving force and the essential foundation for the implementation of the full range of government policies.
Source: StockWatch

In November 2025, the Industrial Turnover Index reached 138,6 units recording an increase of 10% (y-o-y). For the period January – November 2025, the index recorded an increase of 5.1% compared to the corresponding period of the previous year.
Source: CyStat