Norton Rose acts on Greece's first consumer finance securitisation deal
Norton Rose has advised on the closing of the first consumer finance securitisation in Greece. The firm fielded a team from its London headquarters led by capital markets partner Sandrine Sauvel.The loans, originating from Piraeus Bank, are the first consumer finance loans securitised in Greece to be covered by a major credit rating agency. The transaction, arranged by Morgan Stanley, involved €493m (£435m) in class A notes, which were rated by Moody's, and €232m (£208m) in class B notes.
May 13, 2009 at 10:36 PM
2 minute read
Norton Rose has advised on the closing of the first consumer finance securitisation in Greece.
The firm fielded a team from its London headquarters led by capital markets partner Sandrine Sauvel.
The loans, originating from Piraeus Bank, are the first consumer finance loans securitised in Greece to be covered by a major credit rating agency. The transaction, arranged by Morgan Stanley, involved €493m (£435m) in class A notes, which were rated by Moody's, and €232m (£208m) in class B notes.
Shearman & Sterling also won a role on the deal advising Morgan Stanley with a team led by London structured finance head Julian Tucker.
The firm also picked up a role advising trustee Citi Corp, under London finance partner Ian Harvey-Samuel.
Local advice was given to Piraeus Bank by Dracopoulos & Vassalakis under partner Yiannis Palassakis, while Morgan Stanley turned to Moratis-Passas for local advice.
The deal marks the fifth securitisation Norton Rose has advised on in Greece in the last 18 months.
Sauvel commented: "Being the only major UK firm with a presence in Greece means we are ideally placed to advise on Greek securitisations and structured finance transactions."
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