Milbank Advises Attica Bank, S.A. on the Securitisation of the “Domus” Non-Performing Loan Portfolio

Milbank LLP has advised Attica Bank, S.A. (“Attica”) in relation to the securitisation of the “Domus” non-performing loan portfolio. Pursuant to the Domus securitisation, Attica will retain 100% of the senior notes, amounting to €728 million, as well as 5% of the mezzanine and junior notes issued under the transaction. The remaining mezzanine and junior notes have been transferred to an entity advised by Davidson Kempner Capital Management LP.

The Domus transaction was entered into concurrently with a parallel securitisation of Attica’s “Rhodium” non-performing loan portfolio. The total book value of “Domus” and “Rhodium” is approximately €3.7 billion. The servicing of both the “Domus” portfolio and the “Rhodium” portfolio has been assigned to Cepal Hellas Financial Services Single Member Société Anonyme – Servicing of Receivables from Loans and Credits, a Greek loan and credit receivables management company.

This securitisation is one of the most complex securitisations to have taken place in the Greek market and represents another market-leading transaction in Greece that the Milbank team has advised on, adding to Milbank’s world leading securitisation capabilities and legal presence in Greece.

The Milbank transaction team was led by partners James Warbey and Apostolos Gkoutzinis, special counsel Robert Wyse Jackson and associate Lauren Beattie. Tax support was provided by partners Eschi Rahimi-Laridjani and Alan Rafferty, special counsel Andrew Callaghan and associate Jade Du Berry.