Banking & Finance

Banking & Finance

DVLaw’s practice encompasses a comprehensive range of activities within the banking and finance industry, regularly acting for major Greek banks, international investment banks, large and medium-sized corporates and high net-worth individuals on all types of domestic and international financing transactions, including corporate finance, real estate financing, leveraged & acquisition finance, asset finance, project finance, mortgage lending and structured finance.

Our firm’s leading position in banking and finance is best exemplified by its participation in some of the most innovative and complex domestic and cross-border structured finance and securitisation deals to be put in place in Greece in both private and public sectors that required in-depth knowledge of the legal and regulatory framework and the ability to adapt to the constantly evolving financing requirements. In doing so, the firm has often been the interlocutor with the state and the regulator, providing input for the development of new financing tools.

Practice highlights

  • Acted as Greek legal counsel to NBG in the first Greek SME securitisation non-retained transaction since 2007, SINEPIA D.A.C, completed in August 2016. NBG raised up to €300 million of medium-term funding by placing the senior notes with the European Investment Bank (EIB), the European Investment Fund (EIF) and the European Bank for Reconstruction and Development (EBRD).
  • Acted as Greek legal counsel to the Joint Lead Managers for the issue by Alpha Bank of a five-year €500 million soft bullet covered bond at 2.75% yield under its €8 billion Covered Bond Programme I. The transaction attracted strong investor interest and it was almost five times over-subscribed, with the vast majority of the issuance being covered by international institutional investors (93%). It is also noted, that DVLaw has acted as Greek legal counsel in connection with the establishment by Alpha Bank of its second direct issuance €8 billion residential mortgage Covered Bond Programme II in December 2017.
  • Acted as Greek legal counsel to NBG for the first Greek covered bond transaction since 2009 and the first market transaction for a Greek bank since 2014, having issued a 3-year €750 million conditional pass through covered bond at 2.90% yield under its €15 billion Covered Bond Programme II. The covered bond attracted a diverse pool of interest amounting to around €2bn from more than 110 institutional investors. The vast majority of interest came from international investors (85%). It is noted that DVLaw has acted as Greek legal counsel in connection with the establishment by National Bank of Greece S.A. of its €10 billion residential mortgage Covered Bond Programme I in 2008 and its €15 billion residential mortgage Covered Bond Programme II in 2010 and since then is acting as NBG’s legal counsel in all transactions relating thereto (cover pool management, issuance of all series (seven series under CBI and seven series under CBII), programmes’ updates, transaction document amendments etc.).Acted as Greek legal counsel to Piraeus Bank for the issue of a five-year €500 million euros covered bond at Euribor plus 250 basis points under its €10 billion Covered Bond Programme. The bonds were distributed to international organisations, such as European Investment Bank, European Investment Fund and European Bank for Reconstruction and Development. The proceeds of the bond will be used to fund small- and medium-sized enterprises in Greece. It is noted that DVLaw has acted as Greek legal counsel in connection with the establishment by Piraeus Bank of its €10 billion residential mortgage Covered Bond Programme I in 2011 and since then is acting as the Bank’s legal counsel in all transactions relating thereto (cover pool management, issuance of all series thereunder, programme updates, transaction document amendments etc.).
  • Acted as legal counsel to National Bank of Greece S.A., EFG Eurobank S.A., Alpha Bank S.A., Piraeus Bank S.A., Attica Bank S.A. and First Business Bank – FBB S.A. in connection with the establishment of programmes for the issuance of debt instruments guaranteed by the Hellenic Republic and the issuance of debt instruments thereunder following the consecutive increases of the total amount for state guarantees.
  • Acted as Greek legal counsel to the Cypriot bank Marfin Popular Bank Public Co Ltd. (the Issuer) in connection with the transfer and undertaking by it of the rights and liabilities of the Greek bank Marfin Egnatia Bank S.A. (the Original Issuer) under the latter’s €3 billion residential mortgage loans covered bond programme established on 17/11/2008, due to the merger of the Original Issuer into the Issuer and the registration of the programme with the register of covered bonds kept with the Central Bank of Cyprus in March 2011 in accordance with the adopted Cypriot legislation on covered bonds.
  • Acted as Greek legal counsel to a group of Greek and foreign banks acting as arrangers in connection with the securitisation of a portfolio of business loans of Marfin Egnatia Bank S.A., involving the issue by Synergatis PLC of €3,300,000,000 notes in 19 August 2009.
  • Acted as Greek legal counsel to Piraeus Bank S.A. in connection with the securitisation of a portfolio of consumer loans involving the issue by Praxis I Finance Plc of €725,000,000 notes in April 2009.
  • Acted as Greek legal counsel to a group of Greek and foreign banks acting as arrangers in connection with the securitisation of a portfolio of allilohreos contracts of EFG Eurobank Ergasias S.A., involving the issue by Anaptyxi SME II 2009-1 Plc of €3,300,000,000 notes in February 2009.
  • Acted as Greek legal counsel to a foreign investment bank acting as arranger in connection with the securitization of a portfolio of corporate and sovereign bonds of Alpha Bank S.A. involving the issue by Talanto Plc of €1,241,460,000 notes in February 2009.
  • Acted as legal counsel to the Greek Ministry of Finance in connection with the preparation of pro forma contractual documentation to be executed by the Hellenic Republic in the context of the support measures of €28,000,000,000 provided to Greek credit institutions under law 3723/2008 “for the enhancement of liquidity of the economy in response to the impact of the international financial crisis”.
  • Acted as Greek legal counsel to National Bank of Greece S.A. in connection with the establishment of a €10,000,000,000 global covered bond programme that has residential mortgage loans as cover pool assets in November 2008 and a second programme of €15,000,000,000 in July 2010; assisting in the management of these programmes and the issuance of series of covered bonds there under.
  • Acted as Greek legal counsel to a group of Greek and international banks and investment firms acting as arrangers in connection with the securitization of a portfolio of corporate and sovereign bonds of EFG Eurobank Ergasias S.A. involving the issue by Saturn Finance Plc of €933,500,000 notes in November 2008.
  • Acted as Greek legal counsel to a group of Greek and international banks and investment firms acting as arrangers in connection with the securitisation of a portfolio of SME corporate bonds of EFG Eurobank Ergasias S.A., involving the issue by Anaptyxi SME I Plc of €2,500,000,000 notes in July 2008.
  • Acted as Greek legal counsel to a foreign investment bank acting as arranger in connection with the securitisation of a portfolio of corporate bonds of National Bank of Greece S.A., involving the issue by ETERIKA Plc of €1,340,000,000 notes in July 2008.

Dracopoulos &
Vassalakis LP

4 Karageorgi Servias St.
10562, Athens Greece

+30 210 322 7000
+30 210 322 7111
info@dvlaw.gr

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