Intrum, the strategic partner in the management of loan and credit receivables of Pireaus bank, will take over a chunk of the mezzanine notes and junior notes bonds of the Sunrise 1 securitization.
This is the third securitization by Piraeus bank that ends up in Intrum, after the Phoenix and Vega projects. The difference is that this time Intrum has found a co-investor, who will buy part of the mezzanine notes.
Sunrise 1 securitization portfolio mainly includes repayable loans of all categories (mortgage, consumer, corporate), gross book value of €7.2 bn. Piraeus submitted a state guarantee application for senior notes bonds, with a nominal value of approximately €2.4 bn. Piraeus Bank will maintain 5% of the mezzanine and junior notes. The remaining part of the two series will be returned free of charge to the shareholders of Piraeus Financial Holdings.
Piraeus Bank will soon launch Sunrise 2, which will include mainly regulated loans of all categories, with a gross book value of about €4 bn. Senior notes are estimated to rise to €1.8 bn, mezzanine to €0.2 bn and junior notes to €2 bn.
Original Source: Euro2day.gr
Adaptation/Summary: Kiki Athanasiadis