Milbank LLP has advised Piraeus Bank S.A. (“Piraeus Bank”) on its largest synthetic STS securitization to date, through the issuance of credit-linked notes referencing a €1.98 billion underlying portfolio of corporate and SME loans.
The Ermis VII transaction, which is estimated to have created a reduction for Piraeus Bank in risk-weighted assets of approximately €1.1 billion through the use of Significant Risk Transfer (SRT) and Simple, Transparent and Standardised (STS) status, further underlines Milbank’s world-leading securitization capabilities (including complex securitization and SRT trades) and highlights its continued legal presence in Greece.
The Milbank transaction team was led by partners James Warbey and Apostolos Gkoutzinis, special counsel Robert Wyse Jackson and associates Chris Kedward and Olivia O’Neill Brown.
