Global law firm Clifford Chance has advised Bank Millennium on a synthetic securitisation transaction referencing a portfolio of unsecured non-mortgage loans with a total value of PLN 7.2 billion. As part of the transaction, the bank transferred a significant part of the credit risk of the securitised portfolio to the investor. The risk transfer of the securitised portfolio is performed through a credit protection instrument, in the form of credit-linked notes (CLNs). UniCredit Bank AG acted as the organiser and issue agent for the transaction.
This is the third synthetic securitisation transaction handled by Clifford Chance in Poland, in which the risk transfer of the securitised portfolio is performed through CLNs. In 2023, we advised Millennium Leasing on a similar transaction, and in 2022 we advised mBank on the first STS synthetic securitisation in Poland.
The Clifford Chance team advising on the transaction included: Timothy Cleary (Partner), Grzegorz Namiotkiewicz (Partner), Aleksandra Rudzińska (Counsel), Christopher Leonard (Senior Associate), Oliver Tully (Associate) and Krzysztof Burda (Associate).
Where the legal industry reads first.
Enjoyed this article? Get the biggest legal industry updates, deals, appointments, insights and expert interviews in your inbox, free.
No spam. Unsubscribe anytime.From Legal Desire
Is your firm the one being cited, or the one being skipped?
We ran the test. On several everyday legal questions, software companies are answering and law firms are not. We help firms fix that, and we build the technology behind the practice.
Lawyers and firms: get featured on Legal Desire
Share your deals, lateral moves, firm news and insights with 1M+ monthly readers: founders, law firm partners, general counsel and practising lawyers across the US, UK, EU and GCC.
Get featuredSubmit a press releaseThe advising firms, the named deal team, the value and the parties, with every other announced deal by the same firms and lawyers. Open the deal record
