Our firm acted as Greek legal advisor to the arrangers in the landmark Vega transaction of Piraeus Bank SA (“PB”), resulting in the reduction of PB’s NPE to circa 36% from 47%, and the improvement of PB’s NPE coverage ratio to c.47% from 45% in September 2020. We advised on the structuring and negotiation of the transaction comprising of three securitizations amounting to GBV circa €4.9bln. Subject to regulatory approvals, the securitizations will benefit from circa €1.4bln guarantees in favour of the senior noteholders in the context of the Greek asset protection scheme (HAPS).
PB has also entered into a binding agreement with Intrum Hellas AB (publ.) for the sale of 30% of the mezzanine notes of Vega securitizations, whereas the securitized receivables will be managed by Intrum A.E.D.A.D.P.