Banking, Finance & Capital Markets

Our practice is one of the foremost in Greece with an expertise in both benchmark and mainstream domestic and cross-border transactions. We act for all major domestic and international banks, investment firms and other financial institutions, insurance companies, funds and public and private companies which do business in Greece.

Over the last three decades, we have participated in the vast majority of significant deals to have taken place in terms of both complexity and value and have structured and executed numerous pioneering transactions. An integral part of our practice is drafting and reviewing complex documentation, including for refinancings, reschedulings or restructurings, in most cases involving security over assets located in Greece or corporate guarantees by Greek companies.

The Firm works with international investment banks, regularly interfacing with the regulators, to develop financing and capital raising techniques. We represent the full range of stakeholders (corporates, credit and financial institutions, hedge, venture capital, private equity, alternative and other types of funds and, with respect to State controlled corporates, the Hellenic Republic) and have unrivalled experience in acting in equity and debt capital markets transactions across a variety of industry sectors including financial, telecommunications, energy, gaming, utilities, pharmaceuticals, infrastructure, hospitality and leisure, healthcare, food and retail.

Banking & Finance
We provide comprehensive services to all market participants in lending, corporate finance, securitisations and leveraged, acquisition, asset and structured finance. We have extensive experience in a wide variety of financing techniques with a particular specialisation in issuance and offering of debt securities, securitisations, sale and management of non-performing exposures and restructurings. We have closely followed the development of the recent legal and regulatory framework pertaining to non-performing loans and non-performing exposures, representing Greek and international institutions.
Capital Markets
We have a recognised expertise in capital markets transactions involving listed, private and State controlled companies. Our team advises on a wide variety of debt and equity transactions, including IPOs, secondary offerings, private placements and tender offers.
Financial Services Regulation
Advising on risk management and compliance with regulations are key sectors of our practice. We believe in keeping clients one step ahead of regulatory developments which will have a material impact on their business. We regularly advise on licensing applications and applications for the acquisition of qualifying shareholdings in respect of all types of entities subject to financial supervision. Our team advises on ongoing reporting obligations of all types of financial institutions, reporting procedures and investigations by regulatory bodies as well as corporate governance and disclosure requirements. We have repeatedly provided advice on the regulatory capital, recovery and resolution of credit institutions, as well as the eligibility criteria for European Central Bank (ECB) collateral. We are members of the ECB's law panel and of the Single Resolution Board's law panel.
Private Equity
We advise private equity funds, banks, financial institutions and investors in connection with the financing and acquisition of assets across various industries. We have acted and continue to act for major private equity and other funds active in the Greek market and have been extensively involved in the consolidation of several private sectors they invest in. We also advise on setting up, restructuring and exiting investments.
Restructuring & Insolvency
We advise lenders and borrowers in distressed situations. Our team is experienced in refinancings, liquidations, debt reschedulings and restructurings of solvent companies with financial difficulties and insolvent companies. We also advise on administrations, workouts and receiverships.
Securitisations
We have repeatedly worked on the structuring and implementation of securitisation transactions, with listed or non-listed Notes, including with respect to servicing arrangements and the replacement of appointed servicers. In this context, we have issued Greek legal opinions for securitisation transactions for the benefit of a variety of institutions, including credit rating agencies, drafted and reviewed securitisation transaction documents and the description of the securitized portfolios and advised on the relevant legal and regulatory issues.
Recent Experience
Multi-Jurisdictional Syndicated Bond Loan Facility for Refinancing of a Diverse Asset Portfolio
We acted as Greek law counsel to National Bank of Greece SA as arranger, coordinator, bondholder agent, bondholder and hedge bank, Eurobank SA as arranger and hedge bank, Eurobank Cyprus Ltd as arranger and bondholder, Eurobank Private Bank Luxembourg SA as bondholder and CBRE Loan Services Limited as paying agent, in connection with a syndicated bond loan facility governed by Greek law for the refinancing of the existing capital structure of a Cypriot NPE portfolio acquisition transaction, with 97.3% of the underlying portfolio consisting of assets relating to the Helix 1 portfolio acquired in 2019 and 2.7% of assets acquired as part of the Tide Y portfolio in 2022. The bond loan facility is secured by security interests under Greek, Cypriot, Luxembourg and English Law.
Piraeus Bank €500m Senior Preferred Notes
We acted as Greek law counsel to Piraeus Bank in connection with the issuance and offering of its new €500m Senior Preferred Notes due December 2029 to international and domestic institutional investors, as well as their listing on the Euro MTF Market of the Luxembourg Stock Exchange.
European Investment Bank Financing for the Northern Cyclades Interconnection Extension by IPTO
We acted as Greek counsel to the European Investment Bank (EIB) in connection with financing of the extension of the interconnection of Northern Cyclades by the Independent Power Transmission Operator (IPTO). The overall financing of the Project, documented under two separate Luxembourg law governed facilities agreements, totals €470m. The Project was financed both by EIB’s own funds and through the Recovery and Resilience Facility, and was secured by security interests created over assets of IPTO located in Greece.
Eurobank €500m Senior Preferred Instrument
We acted as Greek law counsel to Eurobank in connection with the issuance and offering of its new €500m Fixed Rate Callable Senior Preferred Instrument due November 2029, to international and domestic institutional investors, as well as its listing on the Euro MTF Market of the Luxembourg Stock Exchange.
Senna Securitisation of Receivables
We acted as a Greek law counsel to the Bank of New York Mellon acting as note trustee and security trustee in connection with the securitisation of a portfolio of non-performing loan receivables originated by Piraeus Bank (Senna Portfolio), through the issue by Senna NPL Finance DAC, an Irish securitisation SPV, of non-listed and non-rated single-tranche notes.
Intrum Hellas Sale of Tethys Portfolio
We advised Intrum Hellas acting as coordinator on the secondary sale and transfer to a consortium consisting of SMERemediumCap / Latonia Enterprises Company Limited – Athanasios Laskaridis family office / WHG Europe Limited – Brown Hotels of a portfolio of securitised loan receivables, with a total legal claim of €285m (project Tethys), originated by Piraeus Bank, serviced by Intrum Hellas and sold and transferred by three securitisation SPVs, Sunrise I NPL Finance DAC, Sunrise II NPL Finance DAC and Vega II NPL Finance DAC.Tethys is secured over hotel and hospitality real estate assets located in popular Greek tourist destinations and is the first sectoral portfolio of loan claims sold in the secondary market in Greece.
Piraeus Bank €500m Senior Preferred Bond
We acted as Greek law counsel to Piraeus Bank in connection with the issuance and offering to institutional investors pursuant to a bookbuilding process of €500m principal amount of Senior Preferred Bond due 2028 and the listing thereof on the Euro MTF market of the Luxembourg Stock Exchange.
Crypto Custodian Registration
We advised an institutional digital asset financial services company with global presence on their successful registration as a crypto custodian in the relevant registry of the Hellenic Capital Market Commission. This is one of the few crypto custodians registered in Greece today.
Μagnus Securitisation of Receivables
We advised the Bank of New York Mellon as note trustee and security trustee in connection with a securitisation transaction of a portfolio of non-performing and performing receivables originated by Piraeus Bank implemented through the issue of non-listed and non-rated notes.
Public Power Corporation €1.35bn Capital Raising
Bernitsas Law acted as Greek law counsel to Goldman Sachs, Citi, National Bank of Greece, Alpha Bank, Eurobank, Piraeus Bank, Optima Bank and Euroxx Securities in connection with (i) Public Power Corporation’s €1.35bn capital raising pursuant to a non-preemptive share capital increase and an offering of new shares to qualified and other eligible investors outside of Greece through a bookbuilding process and to retail and qualified investors in Greece through a public offering, and (ii) the listing of the new PPC shares on the Athens Exchange.
PIMCO Public Power Corporation Securitisation
We advised PIMCO in connection with the securitisation of PPC receivables (Zeus portfolio) under electricity invoices that have been outstanding for more than 90 days. The transaction involves senior notes held by PIMCO, Carval and Deutsche Bank, a junior note held by PPC and servicing and sub-servicing arrangements for the portfolio. It also accommodates a revolving period for the transfer of additional portfolios, as well as an intercreditor agreement and security arrangements in connection with both the Zeus portfolio and another securitised portfolio of PPC receivables (Energia portfolio).
Piraeus Financial Holdings €1.38bn Capital Raising
We advised Piraeus Financial Holdings on its successful capital raising of €1.38bn pursuant to an institutional offering through a bookbuilding process outside Greece and a public offering to retail and qualified investors in Greece, as well as on the admission of its newly issued shares to trading on the Athens Exchange.
Project Frontier €6bn Securitisation of Receivables
We acted as Greek counsel to Morgan Stanley in the securitisation of a €6bn receivables portfolio originated by the National Bank of Greece, through the issue by Frontier Issuer DAC (an Irish securitisation SPV) of senior notes in the amount of €3bn (under the guarantee of the Hellenic Republic under the Hercules Asset Protection Scheme), mezzanine notes and junior notes.
Piraeus Bank €350m Senior Preferred Fixed Rate Reset Notes
We acted as Greek law counsel to Piraeus Bank on the issuance and offering to institutional investors pursuant to a bookbuilding process of €350m principal amount of Senior Preferred Fixed Rate Reset due 2027 and the listing thereof on the Euro MTF Market of the Luxembourg Stock Exchange.
Partners Group Senior Facilities Agreement
We advised Partners Group in their acquisition of Pharmathen from BC Partners and in connection with a senior facilities agreement involving a unitranche facility, a CAR facility, a revolving facility and additional facilities to Pharmathen group companies, and related intercreditor agreement, accession deeds and security documents, as well as in connection with the release of security interests for senior facilities granted prior to the acquisition of Pharmathen by Partners Group.
Piraeus Bank Sunrise I, II and III Securitisations
We advised the Bank of New York Mellon as note trustee and security trustee in connection with the securitization of three portfolios of non-performing loan receivables, Sunrise I Portfolio, Sunrise II Portfolio and Sunrise III Portfolio, originated by Piraeus Bank SA implemented through the issue of non-listed and rated notes and intended to be enrolled in Hercules Asset Protection Scheme.
€100m Equity Capital Raising
We acted as ad hoc legal counsel to INTRAKAT SA in connection with their equity capital raising of €100m and the listing of their new shares on the Athens Exchange which was completed in January 2023.
Refinancing and Granting of New Financing in Respect of the Jupiter Portfolio of Securitised Receivables
We acted as Greek law counsel to the National Bank of Greece SA as arranger, agent and bondholder in connection with a bond loan facility agreement for the refinancing of existing international bank financing and the financing of acquisition of real estate assets, and to National Bank of Greece as issuing bank in connection with a revolving account credit facility for the issue of auction proceeds guarantees, in each case in relation to the Jupiter securitised portfolio.
Eurobank SA Issue and Offering of €500m Fixed Rate Callable Senior Preferred Instruments
We acted as Greek law counsel to Eurobank SA on the issue and offering of €500m Fixed Rate Callable Senior Preferred Instruments due 2029 to professional investors pursuant to a bookbuilding process and the listing of such Instruments on the Euro MTF market of the Luxembourg Stock Exchange.
National Bank of Greece Bank Guarantees for the Collection of Auction Proceeds
We advised National Bank of Greece SA on a credit facility entered into with Lana Securitisation SaRL for the issue of bank guarantees addressed to auction officers for the collection of auction proceeds in accordance with the Greek Code of Civil Procedure.
Eurobank Holdings Issuance of €300m Fixed Rate Reset Subordinated Instruments
We acted as Greek law counsel to Eurobank Financial Holdings SA in connection with the issuance and offering to institutional investors pursuant to a bookbuilding process of €300m principal amount of Fixed Rate Reset Subordinated Instruments due 2032 and the listing thereof on the Euro MTF Market of the Luxembourg Stock Exchange.
Hoist Finance Acquisition of c.€2.1bn NPL Portfolio - Project Orbit
We acted as Greek counsel to Hoist Finance AB as purchaser, in connection with a sale and purchase agreement entered into on 28 December 2021 with Alpha Bank as seller of a portfolio of non-performing retail loans with a total outstanding balance of approximately €2.1bn.
Deutsche Bank €98m Refinancing of PPNs Investment
We advised Deutsche Bank AG (London Branch) in a c.€98m refinancing transaction with Murphy Issuer DAC (an entity controlled by funds advised by Bain Capital) as borrower, in connection with Murphy's investment in PPNs issued in 2018 in the context of a Greek NPLs securitization transaction (Project Amoeba, originated by Piraeus Bank).
Hotel Development and Real Estate Acquisitions Financing
We advised SMB Hotels Holdings BV, an Israeli interests hospitality group active in many countries around Europe, owning and operating hotels regarding c.€11.4m financing by a UK bank of the acquisition of two real assets in Athens to be developed into boutique lifestyle hotels.
€47.5m Bond Loan in the Energy Sector
We advised Unicredit Bank AG and Alpha Bank SA in connection with the amendment and transfer of a c.€47.5m bond loan to Alpha Bank and its accession as bondholder agent and account bank. The loan was issued by a major player in the energy sector and was secured over a wind park, receivables and shares.
Piraeus Bank Inaugural €500m Green Senior Preferred Bond
We acted as Greek law counsel to Piraeus Bank on the issuance and offering to institutional investors of its inaugural €500m Green Senior Preferred Bond, and the listing thereof on the Euro MTF market of the Luxembourg Stock Exchange.
Hellenic Petroleum €400m Bond Loans
We advised Hellenic Petroleum SA Refining, Supply and Sales of Oil Products and Petrochemicals on the issue of two bond loans of an aggregate amount of €400m for the refinancing of existing bank debt and the financing of general business purposes, with Piraeus Bank SA acting as arranger, bondholder agent, paying agent and subscriber. The bond loans are revolving and are guaranteed by HELLENiQ Energy Holdings SA.
OTSM and Hellenic Petroleum €50m Bond Loan
We advised OTSM Société Anonyme of Maintenance Compulsory Stocks and Trading of Crude Oil and Petroleum Products (OTSM) and Hellenic Petroleum SA (HP) on a structured finance transaction involving the extension of a €50m bond loan and the sale and purchase of compulsory oil stock, with Eurobank acting as bondholder agent and facility agent, and Alpha Bank, Eurobank and National Bank of Greece as subscribers.
Astir Group €362m Bond Loan
We advised the Astir Group on the issue of a €362m bond loan by Astir Palace Vouliagmenis for the refinancing of existing bank debt and financing of the development of the Astir marina located on the Athens Riviera.
Elpedison Power €214m Bond Loans
We advised BNP Paribas SA, Intesa Sanpaolo SpA, UniCredit SpA and HSBC Continental Europe, Greece in relation to the extension of a c.€81m bond loan, Eurobank SA, Alpha Bank SA and Piraeus Bank SA in relation to the extension of c.€81m bond loan and Eurobank SA, Alpha Bank SA, Alpha Bank Cyprus LTD and Piraeus Bank SA in relation to the extension of a c.€52m bond loan, all issued by Elpedison Power Generation.
Motor Oil (Hellas) Corinth Refineries Issuance and Offering of €400m Principal Amount of Unsecured Senior Notes
We acted as Greek law counsel to Motor Oil (Hellas) Corinth Refineries SA (MOH) in connection with the successful issuance and offering to institutional investors pursuant to a bookbuilding process of €400m aggregate principal amount of unsecured senior notes due 2026, which were listed on the Global Exchange Market of Euronext Dublin.
Bank Guarantees for the Collection of Auction Proceeds
We advised Lapithus Group on a credit facility entered into by Lana Securitisation SaRL with Eurobank SA for the issue of bank guarantees addressed to auction officers for the collection of auction proceeds in accordance with the Greek Code of Civil Procedure. We also provided advice in connection with the Greek law aspects of the financing arrangements with BAWAG PSK for Jupiter Portfolio. It is one of the very first big-ticket credit facilities in the Greek market involving a securitisation special purpose company for the issue of bank guarantees for auctions.
Vivartia Group Debt Rationalisation
We advised Vivartia Group of companies on the rationalisation of their existing bank indebtedness and on restructuring and refinancing of the existing secured bond loan facilities granted to the Vivartia Group companies by all four systemic Greek banks.
First Synthetic Securitization of Performing SME and Corporate Loans
We advised BNY Mellon Corporate Trustee Services Limited as Trustee on a market-first synthetic asset-backed securitisation of performing SME and corporate loans originated by Piraeus Bank SA.
Mytilineos Inaugural Green Bond Offering of €500m Senior Notes
We acted as Greek law counsel to Mytilineos SA on the successful issuance and offering of its inaugural green bond offering to international and domestic institutional investors of €500m aggregate principal amount senior notes due 2026 and the listing of these notes on the Luxembourg Stock Exchange’s Euro MTF market.
Piraeus Bank Demerger by Hive-Down
We advised Piraeus Bank SA in connection with the demerger by way of hive-down of its banking activity sector and its contribution into a new banking entity.
Titan Relisting on Euronext Brussels, Euronext Paris and the Athens Exchange
We advised Titan Cement International SA (TCI) in their voluntary share-for-share exchange offer to the holders of common and preference shares in Titan Cement Company SA (Titan) and the subsequent squeeze-out process, a transaction that resulted in the effective relisting of the Titan group on Euronext Brussels through the primary listing of TCI shares on Euronext Brussels, with a parallel listing on the Athens Exchange and Euronext Paris and a transaction value of more than €2.5bn.