ΤΡΑΠΕΖΑ ΚΥΠΡΟΥ Δ.Ε.Λ.
Securitisation of Leasing receivables in Greece
The Bank of Cyprus Group announces the completion of the securitisation of euro 689,4 mn of performing leasing receivables in Greece. The Notes have been issued by Misthosis Funding Plc, a special purpose vehicle registered under the laws of England and Wales, and will be listed on the Irish Stock Exchange. The transaction has been arranged by UBS Investment Bank.
The initial securitised portfolio amounts to euro 638,4 mn. From the notes of euro 689,4 mn, euro 363,9 mn are Class Α notes, rated Aaa by Moody?s. Class B and Class C notes, unrated, amount to euro 274,4 mn and euro 51,1 mn respectively.
This is the second securitisation transaction of Greek assets by a bank incorporated outside Greece (following a residential mortgage backed security issue by Bank of Cyprus) and aims at enhancing further the Group?s liquidity ratios.
The initial securitised portfolio amounts to euro 638,4 mn. From the notes of euro 689,4 mn, euro 363,9 mn are Class Α notes, rated Aaa by Moody?s. Class B and Class C notes, unrated, amount to euro 274,4 mn and euro 51,1 mn respectively.
This is the second securitisation transaction of Greek assets by a bank incorporated outside Greece (following a residential mortgage backed security issue by Bank of Cyprus) and aims at enhancing further the Group?s liquidity ratios.