We advised the EIF and EBRD in relation to a €130 million securitisation transaction of automotive leases originated by Olympic Commercial and Tourist Enterprises S.A. (Avis), the leading car leasing company in Greece and master franchisee of the global car rental company, Avis Budget Group. EIF and EBRD invested €43 million and €37 million in the transaction, respectively; a Dutch institutional investor invested an additional €50 million, backed-up by EIF’s guarantee. The transaction is an important milestone for the Greek securitisation market as it is the largest issuance by a non-bank originator and the first auto lease asset-backed security (ABS) transaction in the country to have a sustainable and green element. Part of the proceeds will be used by Avis for the replacement of its existing fleet with lower CO2 emissions, electric and hybrid vehicles. It is the first securitisation in Greece since 2010 that achieved an investment grade rating by two rating agencies, S&P Global Ratings Europe Limited and Fitch Ratings Limited. It is the first successful Greek ABS issuance since the start of the coronavirus pandemic.
Our team was led by partner Christina Papanikolopoulou, assisted by senior associate Paris Tzoumas and associate Niki Ignatidi.
