We have advised Eurobank and Eurobank Ergasias Services and Holdings SA in the signing of Project Mexico. Project Mexico entails a milestone multi-asset securitization of NPEs with a gross book value of c. €3.2 billion, aiming at reducing the NPE ratio of Eurobank to a single digit number.
The transaction is expected to complete in the Q4-2021 and will further involve the sale of the notes issued in the context of the securitization and the assignment of the management of the securitized receivables to doValue Greece, whereas its corporate law aspect involves the share capital decrease in kind of Eurobank SA.
The securitization part of the transaction involved the combination of pioneer parameters maximizing its value for the parties involved, whereas it is expected to also benefit from the Greek asset protection scheme (HAPS).
Our team was led by our Partner Alexandros Metallinos, assisted by our Senior Associate Sonia Saranti, Associates Fereniki Tsitsirigkou and Alexandra Agorastou and we are glad to continue working with our client for the completion of this complex and value adding transaction.