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Bernitsas Law Advises BNY Mellon on Senna Securitization

Bernitsas Law Advises BNY Mellon on Senna Securitization

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Bernitsas Law has advised note and security trustee Bank of New York Mellon on the securitization of the Senna Portfolio of non-performing loan receivables originated by Piraeus Bank through the issue of non-listed and non-rated single-tranche notes by Senna NPL Finance DAC.

Senna NPL Finance DAC is an Irish securitization SPV.

According to Bernitsas Law, the Bank of New York Mellon is a global financial institution that provides a wide range of banking, investment, and asset management services, “and one of the largest banks in the United States with a significant presence worldwide.”

The Bernitsas Law team included Partner Athanasia Tsene and Associates Sildia Fotopoulou and Afroditi Kazani.

Bernitsas did not respond to our inquiry on the matter.

Editor's Note: After this article was published, Zepos & Yannopoulos announced it had advised the Intrum Group and Intrum Hellas on the securitization transaction and the purchase of 100% of the notes by Intrum Holding AB. According to the firm, "the long-lasting cooperation between Intrum and Piraeus Bank already includes seven securitization transactions: Project Phoenix, Project Vega 1, Project Vega 2, Project Vega 3, Project Sunrise I, Project Sunrise II, and Sunrise III."

The Zepos & Yannopoulos team included Partner Christina Papanikolopoulou, Senior Associate Mary Nigritinou, and Associate Pinelopi Klara.

On August 4, 2023, White & Case announced it had also advised Intrum Holding on the securitization involving Piraeus Bank's project Senna. According to the firm, "Piraeus and Intrum have agreed that Intrum Hellas will act as servicer of the project Senna portfolio, and Intrum has agreed to acquire the entirety of the notes of the securitization from Piraeus." The White & Case team included lawyers in Frankfurt, Dubai, London, and Stockholm.

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