Clifford Chance advises Bank Millennium on synthetic securitisation with a total value of PLN 7.2 billion

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).