Project Frontier €6bn securitisation of receivables

Bernitsas Law acted as Greek counsel to Morgan Stanley in the securitisation of a €6bn receivables portfolio originated by the National Bank of Greece, through the issue by Frontier Issuer DAC (an Irish securitisation SPV) of senior notes in the amount of €3bn (under the guarantee of the Hellenic Republic under the Hercules Asset Protection Scheme), mezzanine notes and junior notes.

The private investors in mezzanine notes and junior notes are Bain Capital Credit and Fortress Investment Group, while doValue Greece has been appointed to service the securitised receivables. 

Frontier represents a landmark transaction for NBG, which heads one of the largest financial groups in Greece.

Athanasia Tsene led the Bernitsas Law team. 

Project Frontier 6bn Securitisation

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