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National Bank of Greece Offers to Buy Back $2.5 Billion Debt

National Bank of Greece SA, the country’s biggest lender, offered to repurchase about $2.5 billion of bonds and hybrid securities to boost capital amid Europe’s sovereign debt crisis.

National Bank sought to buy back 1.5 billion euros ($2 billion) of 3.875 percent covered bonds due in October 2016 as well as five series of preferred securities in euros, dollars and pounds, it said in an e-mailed statement. The Athens-based lender offered to pay 70 percent of face value for the covered bonds and 45 percent for the preferred hybrids, below where they were issued and above where they’re currently trading.