The credit card securitization of Eurobank EFG Group, Karta 2005-1, received the award of “Consumer Credit Deal of 2005”. The award was granted in London by the magazine Structured Finance International (“SFI”), a Euromoney periodical publication on February 15th .
As noted by SFI, Karta 2005-1 was the first credit card securitization transaction in Greece and the only one in continental Europe in 2005. SFI also highlighted that, since the date of the issuance of bonds on July 27th, 2005, the performance of the credit card portfolio was very good, compared with the performance of corresponding transactionsof UK credit card portfolios.
The joint book-runners of Karta 2005-1 were Deutsche Bank and Merrill Lynch which, in co-operation with Eurobank, organised the structure of the deal, adopting the established UK master trust features to the Greek Securitization Law.