Almost half of the investors in covered bonds issued by the National Bank of Greece took up the bank's offer of a buy-back this month, attracted by a premium to the bonds’ trading levels amid continuing concerns over the sovereign backdrop.

The National Bank of Greece offered investors the chance to sell their covered bonds back between January 3 and 13. The bank offered to buy the bonds at a 30% discount to their face value and 45% of investors agreed to the terms, according to figures from the NBG. In addition, an average of over 50% of investors chose to sell their hybrid securities back to the NBG at a 45% loss.