Zepos & Yannopoulos advised the European Investment Bank (EIB) and the European Investment Fund (EIF) on the €101 million securitisation of automotive lease receivables for small and medium-sized enterprises (SMEs) originated by Autohellas SA, one of the leading independent car leasing companies in Greece.
This is the first auto lease securitisation issued by a non-bank originator in the Greek market and it paves the way for more transactions. The securitisation senior notes were listed on the Irish Stock Exchange plc (Euronext Dublin); KfW invested a total of €25 million by purchasing senior notes benefiting from a first demand guarantee issued by the EIF, while EIB subscribed to a total of c. €32.3 million of the senior notes. The rest €15 million of the senior notes were subscribed by European Bank for Reconstruction and Development (EBRD). The senior notes guaranteed by EIF and purchased by the EIB will be guaranteed through the European Fund for Strategic Investments, part of the Juncker Plan.
Autohellas SA, as originator, will retain the junior notes of the capital structure being of an aggregate amount of c. €28.8.
The servicing of the portfolio was assigned to the originator, whilst the back-up servicing is assigned to the Greek credit institution Alpha Bank SA with Autotechnica Hellas SA, an 100% subsidiary of Autohellas SA, acting as initial Maintenance Provider and Initial RV Realisation Agent.
The Zepos & Yannopoulos team was led by partner Christina Papanikolopoulou assisted by associate Paris Tzoumas. Tax advice was provided by partner Daphne Cozonis.