Project Zeus: Greece brings first non-performing energy debt securitization

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By Tom Brown
15 Apr 2021

Public Power Corporation (PPC), the largest utilities provider in Greece, has launched a first-of-its-kind programme securitizing missed electricity payments with the help of Deutsche Bank.

A venture years in the making, the programme presents the first securitization of non-performing unsecured energy receivables.

The transaction is staying on balance sheet, a decision which came alongside PPC’s wish to keep the non-performing exposures within the company — avoiding the reputational damage associated with outsourcing the servicing ...

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