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Small Business Loans Securitization

EFG Eurobank, as originator and transferor, successfully launched and priced yesterday its small business loans securitization, issued by ANAPTYXI 2006-1 PLC, a public limited company in the United Kingdom.

The securities were rated by the rating agencies Standard & Poor’s and Moody’s.   Specifically, the €1,750 million Class A Notes received the highest possible rating of AAA/Aaa (with coupon three month Euribor + 17bps); the €150million Class B Notes were rated A/A1 (with coupon three month Euribor + 40bps); the €125million Class C Notes were rated BBB/Baa1 (with coupon three month Euribor + 75bps) and the €225million Class D Notes were rated BB/Ba2 (with coupon three month Euribor + 250bps). The funds raised by the securitization will be used to cover part of the Bank’s funding programme.

It is worth mentioning that this is the first small business loans securitisation transaction from a Greek bank. The European Investment Bank (EIB) is supporting this transaction as an investor in the Class A notes as part of its wider objective of supporting SME lending in Greece. Eurobank EFG has undertaken the responsibility to use an amount equivalent to the proceeds from EIB’s investment for the financing of new SME projects which fulfill EIB’s eligibility criteria.  

The transaction was arranged by Deutsche Bank AG London and EFG Telesis Finance S.A., Joint Lead Managers were Deutsche Bank AG London, EFG Telesis Finance S.A. and Merrill Lynch International and Co Lead manager was DZ Bank.

Roadshow meetings and presentations were held with institutional investors in London, Paris and Brussels 

For Eurobank EFG this is the fifth securitisation transaction, following the three residential mortgage-backed securitisation transactions for a total issue size of € 2,500 million and the credit card securitisation of € 750 million.