We advised Intrum Justicia and Intrum Hellas in Project Vega, consisting of three securitisation transactions (Vega I, Vega II and Vega III) of a total gross book value of c. € 4.9 billion owned by Piraeus Bank. The transaction followed the completion of Project Phoenix which was the first securitisation of Piraeus Bank with an application for the inclusion of the senior notes of Phoenix under the Hercules Asset Protection Scheme (Hercules scheme). Piraeus Bank also filled applications for inclusion in the Hercules scheme for the senior notes of Vega. On 2 March 2021, Piraeus Group announced that it entered into an agreement with Intrum Justitia, for the sale of 30% of the mezzanine and 50% of the junior notes. Piraeus Bank shall retain 100% of the senior notes, as well as 5% of the mezzanine and junior notes and, subject to the necessary approvals, will distribute the remaining 65% of the mezzanine and junior notes to its shareholders. The portfolios will continue to be serviced by Intrum Hellas, which is currently the interim servicer of the portfolios. The closing of the transaction is expected to occur within 2021.
The Zepos & Yannopoulos team, led by Christina Papanikolopoulou, partner, head of Finance & Capital Markets practice group, included partner Elena Papachristou, senior associate Paris Tzoumas and Efthymis Naoumis and associates Athina Palli, Myrto Tsoumalakou and Vivian Efthymiou.