Piraeus Bank has successfully completed euro 3.5 bio new loan securitizations, increasing the total amount issued to euro 5.1 bio since the beginning of the year.
Piraeus Bank Group successfully completed three new loan securitizations totalling euro 3,450 mn, in accordance with the provisions of the law 3156/2003, further enhancing the liquidity of the Group. It is noted that two additional securitizations were completed in the second quarter of 2009 with a total issue size of euro 1,625 mn, bringing the total issuance year to date at a level of euro 5.1 bio.
In particular, the main characteristics of the new securitizations were as follows:
On 14th of August 2009 the first leasing loans securitisation of Piraeus Leases S.A. was concluded with a total issue size of euro 540 mn. The notes were issued through the special purpose vehicle "GAIA Lease PLC", incorporated in the UK. UBS Investment Bank was the Arranger of the issue. Class A notes, which represent 51% of the total securitized portfolio, have been rated as "Aaa" by Moody's.
On the same day, the second consumer loans securitization of the Bank was concluded with a total issue size of euro 558 mn. The notes were issued through "PRAXIS II Finance PLC" a special purpose vehicle, incorporated in the UK. Arranger of the issue was Morgan Stanley and Co. International PLC. Class A notes represent 68% of the total issue amount and they have been rated as "Aaa" by Moody's.
On 17th of August 2009 the third business loans securitization of the Bank was concluded with a total issue size of euro 2,352 mn. The notes were issued through "AXIA III Finance PLC" a special purpose vehicle, incorporated in the UK. Citigroup Global Markets Limited has been appointed as Arranger of the issue. Class A notes represent 71% of the total issue size and they have been rated as "Aaa" by Moody's.
Class A notes of all the above securitizations are eligible collateral for ECB refinancing purposes.