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Attica Bank announced the securitisation of two NPL portfolios

The bank transferred a portfolio of non-performing business loans totaling approximately € 340.8 m to the SPV named “Astir NPL Finance 2020-1 Designated Activity Company” based in Ireland. The SPV issued and transferred to the Bank a Series A bond with a nominal value of € 159,000,000 (Senior Note), a Series B bond with a nominal value of € 1,806,000 (Mezzanine Note) and a C series bond (Junior Note) worth € 180,000,000 resulting from the securitization of that portfolio.

The bank also transferred a portfolio of retail banking NPLs totaling approximately € 371.2 m to the SPV named “Astir NPL Finance 2020-2 Designated Activity Company” based in Ireland. The SPV issued and transferred to the Bank a Series A bond with a nominal value of € 190,000,000 (Senior Note), a Series B bond with a nominal value of € 104,921,000 (Mezzanine Note) and a C series bond (Junior Note) worth € 76,372,000, resulting from the securitization of that portfolio.

Qquant Master Servicer will be servicing the portfolios, according to contracts signed with the SPV.

Meanwhile, there is a “battle of three” at the bank’s tender for the securities of €60 m, following the “Artemis” transaction. Bids have been submitted and selection is underway between CRC, Ellington and Duet.

Original Source: Euro2day.gr

Adaptation/Summary: Kiki Athanasiadis

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