Orrick Advises on Another Landmark NPE Securitisation


Orrick represented UBS Europe and Alantra CPAI as the arrangers on another landmark NPE securitisation in Greece. Project Sunrise I securitised approximately 205,000 non-performing loans to corporates and SMEs with a combined gross book value of approximately €7.2 billion.

Piraeus Bank will retain 5% of the mezzanine and junior notes in order to comply with EU risk retention requirements and 100% of the senior notes, and has reached binding agreements with Intrum AB (publ) and Serengeti Asset Management LP for the sale and purchase of, respectively, 49% and 2% of the mezzanine and junior notes.

An application has been submitted for the Sunrise I transaction to be included in Greece’s Hercules Asset Protection Scheme (HAPS), a state guarantee scheme for NPE ABS notes which was launched in October 2019 and was modelled on the successful Italian “GACS” scheme.

Sunrise I qualifies to receive such a guarantee, and is the fifth Piraeus Bank transaction (together with Phoenix and the Vega deals) where Orrick has acted for UBS Europe and Alantra as arrangers. The Orrick team advising on this securitisation included banking and finance partners Patrizio Messina, Annalisa Dentoni-Litta and Madeleine Horrocks, and managing associate Franco Lambiase