Piraeus Bank’s NPE Securitization

Orrick Herrington & Sutcliffe LLP advised UBS Europe and Alantra CPAI on the deal, Zepos & Yannopoulos advised Intrum AB and Intrum Hellas. White & Case LLP has advised Intrum Holding AB.

UBS Europe and Alantra CPAI acted as arrangers on another landmark NPE securitisation in Greece. Project Sunrise I securitised approximately 205,000 non-performing loans to corporates and SMEs with a combined gross book value of approximately €7.2 billion.

Piraeus Bank will retain 5% of the mezzanine and junior notes in order to comply with EU risk retention requirements and 100% of the senior notes, and has reached binding agreements with Intrum AB (publ) and Serengeti Asset Management LP for the sale and purchase of, respectively, 49% and 2% of the mezzanine and junior notes.

An application has been submitted for the Sunrise I transaction to be included in Greece’s Hercules Asset Protection Scheme (HAPS), a state guarantee scheme for NPE ABS notes which was launched in October 2019 and was modelled on the successful Italian “GACS” scheme.

The Orrick team advising on this securitisation included banking and finance partners Patrizio Messina (Picture), Annalisa Dentoni-Litta and Madeleine Horrocks, and managing associate Franco Lambiase.

Zepos & Yannopoulos team was led by Partner Christina Papanikolopoulou and included Partner Elena Papachristou, Senior Associate Paris Tzoumas, and Associates Vivian Efthymiou, Athina Palli, and Myrto Tsoumalakou.

The White & Case team that advised on the transactions was led by partners Dennis Heuer (Frankfurt) and Henrik Wireklint (Stockholm), and included counsel Claudio Medeossi (Dubai & London) and associates Marcin Zawadzki (Dubai) and Reetu Vishwakarma (Frankfurt).



Involved fees earner: Annalisa Dentoni-Litta – Orrick Herrington & Sutcliffe LLP; Madeleine Horrocks – Orrick Herrington & Sutcliffe LLP; Franco Lambiase – Orrick Herrington & Sutcliffe LLP; Patrizio Messina – Orrick Herrington & Sutcliffe LLP; Dennis Heuer – White & Case; Claudio Medeossi – White & Case; Henrik Wireklint – White & Case; Vivian Efthymiou – Zepos & Yannopoulos; Athina Palli – Zepos & Yannopoulos; Elena Papachristou – Zepos & Yannopoulos; Christina Papanikolopoulou – Zepos & Yannopoulos; Myrto Tsoumalakou – Zepos & Yannopoulos; Paris Tzoumas – Zepos & Yannopoulos;

Law Firms: Orrick Herrington & Sutcliffe LLP; White & Case; Zepos & Yannopoulos;

Clients: Alantra Asset Management; Intrum; Intrum Hellas; UBS Europe SE;

Martina Bellini

Author: Martina Bellini