Bernitsas has acted as local advisor to Piraeus Bank on the public NPE securitization in Greece. Moratis Passas and Orrick advised sole arranger UBS Europe SE on the deal.
According to Bernitsas, the securitization has “a gross book value of EUR 1.92 billion, comprised primarily of non-performing residential mortgage loans.” The firm reported that “the securitization is expected to be enrolled in the Hercules Asset Protection Scheme, a guarantee scheme introduced by the Hellenic Republic.”
The Bernitsas team consisted of Partner Athanasia Tsene and Senior Associate Dionysis Flambouras.
Orrick’s multi-office team included, in Italy, Partners Patrizio Messina, Annalisa Dentoni-Litta, and Madeleine Horrocks, and Associates Franco Lambiase and Dario Cidoni; and in the UK, Partner Jonathan Rosen.
The Moratis Pasas team consisted of Partner Vassilis Saliaris, Senior Associate Mantha Varela, and Associate Maria Androulaki.
