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Zepos & Yannopoulos and Papapolitis & Papapolitis Advise on National Bank of Greece Frontier II Securitization

Zepos & Yannopoulos and Papapolitis & Papapolitis Advise on National Bank of Greece Frontier II Securitization

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Zepos & Yannopoulos has advised Boston-based hedge fund manager Bracebridge Capital on its acquisition of 95% of the mezzanine and junior notes in the Frontier II securitization originated by the National Bank of Greece. Papapolitis & Papapolitis advised arranger Morgan Stanley.

According to Zepos & Yannopoulos, "the securitization involves non-performing receivables of a total book value of approximately EUR 1 billion, originated by the National Bank of Greece [...] The senior notes, retained by the National Bank of Greece, benefit from the Greek State guarantee under the third Greek Hellenic Asset Protection Scheme (HAPS) enacted in December 2023."

According to Papapolitis & Papapolitis, the Frontier II transaction was completed in February 2024.

The Zepos & Yannopoulos team was led by Partner Christina Papanikolopoulou and included Partner Paris Tzoumas and Senior Associate Athina Palli.