Piraeus Bank Completes Landmark €7.2 billion Securitisation
London – Paul Hastings LLP, a leading global law firm, announced today that the firm advised Piraeus Bank on the landmark “Sunrise I” securitisation, which involved the securitisation of non-performing exposures (“NPEs”) with a gross book value of approximately €7.2 billion, funded by the issuance of three classes of notes. The portfolio of securitised exposures comprises a mix of residential mortgage loans and corporate loans.
The transaction marks another important step in Piraeus’s ongoing efforts to reduce its holdings of NPEs following the successful closing in December 2020 of Project Phoenix, on which Paul Hastings also advised Piraeus. Project Phoenix was the first NPE securitisation undertaken by Piraeus, and involved the securitisation of approximately €1.9 billion of non-performing residential mortgage loans. Project Phoenix was one of the first transactions to qualify for the HAPs scheme since its approval in December 2019.
At Paul Hastings, our purpose is clear — to help our clients and people navigate new paths to growth. With a strong presence throughout Asia, Europe, Latin America, and the U.S., Paul Hastings is recognized as one of the world’s most innovative global law firms.