Clifford Chance has advised mBank on the synthetic securitization transaction for an PLN 8.9 billion portfolio of corporate loans. UniCredit Bank was the arranger and placement agent for the transaction.
According to Clifford Chance, "as part of the transaction, mBank transferred a significant part of the credit risk of a selected securitized portfolio to an investor. The risk transfer of the securitized portfolio is performed through a recognized credit protection instrument, in the form of credit-linked notes."
According to mBank, this is the "largest securitized portfolio in Central and Eastern Europe in terms of value. It was also the first STS [simple, transparent, and standardized] synthetic securitization in Poland, the first transaction in the Polish market executed entirely with a private sector investor, and the first Polish SRT trade with a credit-linked note issued directly by the bank."
Clifford Chance’s team included Poland-based Partner Grzegorz Namiotkiewicz, Senior Associate Aleksandra Rudzinska, and Associate Zuzanna Bartczak with further team members in the UK.
Clifford Chance did not reply to our inquiry on the matter.