Dentons advises joint lead managers on inaugural Greek insurance regulatory capital issuance

London—Dentons has advised the joint lead managers, including Goldman Sachs Bank Europe SE and UBS Europe SE, on the issuance by The Ethniki Hellenic General Insurance Company S.A. (Ethniki) of:

• €100 million 5.250% Reset Subordinated Tier 2 Notes due 2036; and
• €100 million 6.875% Reset Subordinated Restricted Tier 1 Perpetual Temporary Write-Down Notes.

The transaction represents the inaugural public issuance of insurance regulatory capital out of Greece and marks a significant development for the Greek insurance capital markets.

Dentons Debt Capital Markets partner Neil Dixon, who led on the transaction, said: “We are delighted to have advised the joint lead managers on this transaction. As the first insurance regulatory capital issuance out of Greece, it represents an important milestone for the Greek insurance sector and demonstrates continued investor appetite for regulatory capital instruments. We look forward to advising on further transactions in the region.”

Dentons provided English law legal advice to the joint lead managers. Neil Dixon was supported by counsel David Brian and associate Miriam Babarinde.

Dentons worked alongside Karatzas & Partners acting as Greek counsel to the joint lead managers, while Ethniki was advised by A&O Shearman as to English law and by Bernitsas Law Firm as Greek counsel.