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White & Case Advises EIF and EIB on Synthetic Securitisation of Greek SMEs, Small-Mid Caps and Mid-Caps loan portfolio originated by Eurobank

Global law firm White & Case LLP has advised the European Investment Fund (EIF) and the European Investment Bank (EIB) on a synthetic securitisation of Greek SMEs, Small-Mid Caps and Mid-Caps loan portfolio originated by Eurobank S.A.

"In a market first, EIF and Eurobank have completed a synthetic securitisation transaction in Greece in the form of a first loss piece guarantee which falls under the European Guarantee Fund," said White & Case partner Dennis Heuer, who co-led the Firm’s deal team. "The first loss piece guarantee pertains to a €700 million securitisation of a performing portfolio of Eurobank."

The EIF has issued a guarantee to Eurobank covering the first loss tranche of the loan portfolio and a counter guarantee (back-to-back) from the EIB fully mirrors the EIF's obligation, so that the EIB covers the credit risk related to the junior tranche.

The European Guarantee Fund is a €25 billion fund set up by the EIB in response to the economic impact of the COVID-19 pandemic to ensure that companies in the participating Member States have sufficient short-term liquidity available to withstand the crisis, and can continue their growth and development in the medium to long-term. 

The White & Case team which advised EIF on the transaction included partner Dennis Heuer (Frankfurt), associates Claire-Marie Mallad (Frankfurt) and Salvia Matonyte (Dubai) and transaction lawyer Reetu Vishwakarma (Frankfurt). The team which advised EIB included partners Ingrid York (London) and Thomas Flatten (Frankfurt) and counsel Nathaniel Crowley (Hong Kong). 

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