mBank S.A.’s PLN 8,922 Million STS Synthetic Securitisation

In UK Clifford Chance, advised on the matter.

Clifford Chance advised mBank S.A. with a team including Timothy Cleary (Picture – Debt Capital Markets).

mBank S.A. was involved in a synthetic securitisation transaction on a portfolio of corporate loans with the total value of PLN 8,922 million. As part of the transaction, mBank transferred a significant part of the credit risk of a selected securitised portfolio to an investor. The risk transfer of the securitized portfolio is performed through a recognised credit protection instrument, in the form of credit linked notes. UniCredit Bank AG acted as arranger and placement agent for the transaction.

According to mBank, it is the largest securitised portfolio in Central and Eastern Europe in terms of value. It was also the first STS synthetic securitization in Poland, as well as the first transaction in the Polish market executed entirely with a private sector investor, and the first Polish SRT trade with a credit linked note issued directly by the bank.

The Clifford Chance team advising on the transaction included: Timothy Cleary (Picture – Partner), Grzegorz Namiotkiewicz (Partner), Christopher Leonard (Senior Associate), Aleksandra Rudzinska (Senior Associate), Zuzanna Bartczak (Associate) and Oliver Tully.

Involved fees earner: Zuzanna Bartczak – Clifford Chance; Timothy Cleary – Clifford Chance; Christopher Leonard – Clifford Chance; Grzegorz Namiotkiewicz – Clifford Chance; Aleksandra Rudzińska – Clifford Chance;

Law Firms: Clifford Chance;

Clients: mBank S.A.;

Author: Giulia Di Palma