Piraeus seeks Hercules guarantee for €6.9bn of NPLs

By Tom Brown
11 Aug 2020

Piraeus Bank on Monday filed for a €1.9bn NPL securitization transaction under the Hercules Asset Protection Scheme (HAPS), making it the third Greek bank to apply since the scheme began. It is also looking to add another €5bn securitization later in 2020.

The transaction has been dubbed “Phoenix” and comprises mostly mortgage loans. It is set to achieve a Greek state guarantee on the senior notes of up to €1bn.

The bank also announced it is planning to apply for an upcoming €5bn NPL securitization called “Vega”, another deal ...

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