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Oct 2019

Bernitsas Law advises PIMCO on its investment in Project Pillar securitisation notes

Bernitsas Law advised Pimco on its investment in securitisation notes under Project Pillar (involving a portfolio of residential, personal and small business loans) and on its participation in the process for Project Cairo (involving two portfolios of residential, personal and small business loans and a third portfolio of corporate loans) and Project Europe (for the acquisition of a majority shareholding in FPS, a licensed servicing company that is currently fully owned and controlled by Eurobank), all of which projects (Pillar, Cairo and Europe) were launched by Eurobank. The gross book value of Pillar portfolio is c.€2bn.

Project Pillar is the first securitisation transaction in the Greek market concluded under the EU Securitisation Regulation, involving a large portfolio of residential non-performing loans and three classes of listed and rated securitisation notes (Euronext Dublin).

PIMCO is a global investment management firm focusing on active fixed income management.

Eurobank is one of Greece’s four systemic banks and listed on the Athens Exchange.

Athanasia Tsene led the Bernitsas Law team.