Global law firm White & Case LLP has advised Piraeus Bank S.A. (Piraeus Bank) on a synthetic securitisation transaction under the Ermis programme in accordance with the EU regulations on simple, transparent and standardized securitisations (STS).
It is the largest synthetic STS securitisation issued by Piraeus Bank to date. Alantra acted as arranger.
The reference portfolio consists of corporate and SME loans originated by Piraeus Bank with a total value of €2 billion. The Ermis VIII transaction involved the placement of the mezzanine tranche in the form of credit linked notes directly issued by Piraeus Bank with private investors. The bank's objective is to hedge the unexpected loss of the reference portfolio and achieve the necessary transfer of credit risk to free up risk-weighted assets.
The White & Case team which advised on the transaction was led by partner Dennis Heuer (Frankfurt) and included partner Ingrid York (London), partner Claire-Marie Mallad (Frankfurt), associate Anna Spentzou (London) and transaction lawyer Nga Nguyen (Frankfurt).
Press contact
For more information please speak to your local media contact.
