>> Our Law Firm advised Piraeus Bank, as originator and initial notes purchaser, and Goldman Sachs, as arranger, in relation to the securitization transaction “Sunrise II”, involving the securitisation of a retail and corporate NPE portfolio of €2.7 bn gross book value and the transfer of 51% of the mezzanine and junior notes to 2 investors through private placement. “Sunrise II” securitisation transaction benefits from the Hellenic Asset Protection Scheme (HAPS). Our firm was the drafting counsel of all Greek law transaction documents and has provided the Greek law opinion on the transaction. We have advised our clients throughout the transaction, from the structuring thereof and the negotiation of the transaction documents with the investor and the asset service provider, up until completion of the transaction, arranging for local registration requirements. Furthermore, we lead the process with the Hellenic Ministry of Finance regarding the submission of relevant application for the transaction to benefit from the Hellenic Asset Protection Scheme and have provided the required legal opinion for the entry into force of the relevant HAPS Guarantee.

>> Our Law Firm has advised doValue Greece, a Law 4354/2015 credit servicing company, in the negotiation of the transaction documents for its servicing roles under the “Frontier” transaction, involving the securitization of a portfolio of non-performing exposures (“NPE”) originated by National Bank of Greece (NBG) with a total gross book value of c€6bn. Under “Frontier” securitisation transaction, which benefits from the Hellenic Asset Protection Scheme (HAPS), the servicing of the securitized NPE portfolio and related REOs were assigned on a long term basis to doValue Greece.

“Frontier” transaction represents a landmark transaction for NBG, under which – unlike all other HAPS securitisation transactions carried out by the other Greek systemic banks –  the servicing of the NPE portfolio was assigned for servicing to an independent servicer which has not resulted from a carve out from NBG itself.

>> We advised Davidson Kempner throughout the negotiation and execution of the Greek law governed loan sale agreement and relevant servicing agreement of the “Pivot” transaction, which involves the purchase of ca. €400 million gross book value non-performing loans of Piraeus Bank S.A., as well as the completion of the transaction including registration with the competent Greek pledge registry pursuant to Greek law 4354/2015. Our legal advice covered Greek law (including registration and notification) requirements for the transfer of the loan portfolio, as well as related tax issues. This proved to be challenging given that the loan portfolio sold and transferred under “Pivot” transaction consisted of both Greek law governed loans and English law governed loans, including also foreign law governed security interests.

>> Our Law Firm advised Davidson Kempner in relation “Cosmos” securitisation transaction, which includes the purchase of 51% of the mezzanine and junior notes issued in the context of a securitisation of €3.4 bn gross book value primarily non-performing loans of Alpha Bank S.A. “Cosmos” securitisation transaction benefits from the Hellenic Asset Protection Scheme (HAPS). We assisted Davidson Kempner throughout the negotiation and execution of relevant transaction documents.

“Cosmos” transaction largely follows the “Galaxy” securitisation transactions implemented earlier by Alpha Bank.

>> Our Law Firm advised doValue Group in relation to the “Mexico” securitisation transaction originated by Eurobank, which includes: a) the purchase of a portion of mezzanine and junior securitization notes issued in the context of the securitisation of a €5.2 billion nominal value (€3.2billion gross book value) multi-asset NPE portfolio of Eurobank S.A. and b) the ongoing servicing of the portfolio by doValue Greece. “Mexico” securitisation transaction benefits from the Hellenic Asset Protection Scheme (HAPS). We assisted doValue Group throughout the negotiation and execution of relevant transaction documents and the servicing aspects of the securitized portfolio. The transaction largely follows the structure of Greek HAPS securitisation transactions, noting though that it incorporates a more complex REOCo structure in terms of financing, allowing for a potential external financing of the REOCo.