Attica Bank €1.3 billion NPL securitisation

Overview:

• Attica Bank has undertaken a securitisation of NPLs and receivables valued at €1.3 billion.
• The deal saw the portfolio transferred to Luxembourg SPV Artemis Securitisation.
• Artemis issued two series of notes, a €525 million issues of senior notes and a €806.2 million issue of junior notes.
• At the same time Attica entered into a sale and purchase agreement with Aldridge EDC Specialty Finance in relation to the junior notes and an 80% stake in Attica subsidiary Thea Artemis.
• According to Zepos & Yannopoulis the deal is first to combine the Greek securitisation law with the recent law on the licensing of banking credit managers.

Sam Duke - Editor