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Zepos & Yannopoulos and Bernitsas Advise on Eurobank Sale of Non-Performing Residential Mortgage Securitization

Zepos & Yannopoulos and Bernitsas Advise on Eurobank Sale of Non-Performing Residential Mortgage Securitization

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Zepos & Yannopoulos has advised Eurobank Ergasias S.A., on its agreement with Celidoria for the sale of 95% of the mezzanine and junior notes issued by Pillar for EUR 2 billion. Bernitsas Law advised Celidoria on the deal.

As a result of the sale, Eurobank will retain 100% of the senior notes, as well as 5% of the mezzanine and junior notes. The implied valuation of the portfolio based on the nominal value of the senior notes and the sale price of the mezzanine notes corresponds to approximately 60% of the total gross book value of the portfolio. 

Zepos & Yannopoulos describes the transaction as the first of its type in the market in terms of both asset class and structure. In addition, the firm reports that this is the first Greek deal that has obtained permission from the European Central Bank for Significant Risk Transfer recognition under the European Capital Requirements Regulation. 

The Zepos & Yannopoulos team was led by Partner Christina Papanikolopoulou and included Partners Kely Pesketzi, Maria Zoupa, and Alex Karopoulos, Senior Associate Mary Nigritinou, and Associates Athina Palli, Niki Ignatidi. and Alex Kontogiannis. 

The Bernitsas team was led by Partner Athanasia Tsene and included Associates Dionysis Flambouras, Sofia Katrivesi, Fanis Krystallis, Eleni Gkountela, Maria Krika, and Fotodotis Malamas.

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