Norton Rose advises National Bank of Greece on two securitisations with total value of €2.35billion
20 October 2011
International legal practice Norton Rose LLP has acted as transaction counsel on two securitisations arranged by the National Bank of Greece (NBG) worth a total of €2.35billion.
The first of the deals involved the securitisation of a portfolio of residential mortgages worth €1.75billion, with Class A and Class B notes issued and listed on the Irish Stock Exchange. The notes were retained by NBG.
The second deal involved the securitisation of a portfolio of auto loans with a value of €600million, with Class A and Class B Notes issued and listed on the Irish Stock Exchange. The Notes were retained by NBG.
Sandrine Sauvel, partner at Norton Rose LLP, commented:
“We’ve acted on a number of significant capital markets transactions in Greece, and so working with NBG to get both these securitisation deals across the line is particularly pleasing. The market in the country is seeing a lot of activity at the moment, prompted in part by the wider economic picture there. It’s a market we know well and will continue to work in as the country experiences further change.
“These deals took place on an incredibly tight timescale, with both being completed in a three week period. The team we put together to work on them ensured we were able to provide all the advice needed to ensure the timetable set by the bank was met and both deals completed successfully.”
The Norton Rose LLP team was led by partner Sandrine Sauvel and included Sean Crosky (of counsel), Rhian Davies (associate) and Charlotte Brown (trainee). Matt Hodkin (partner) and Judy Harrison (senior associate) advised in relation to tax. Citibank was the trustee and was represented by Farmida Bi (partner) and Hamed Afzal.
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