Clifford Chance has advised Bank Millennium on the synthetic securitization transaction for a portfolio of unsecured non-mortgage loans with a total value of PLN 7.2 billion. Allen & Overy reportedly advised organizer and issue agent UniCredit Bank AG.
According to Clifford Chance, "as part of the transaction, the bank transferred a significant part of the credit risk of the securitized portfolio to the investor. The risk transfer of the securitized portfolio is performed through a credit protection instrument, in the form of credit-linked notes."
The Clifford Chance team included Warsaw-based Partner Grzegorz Namiotkiewicz, Counsel Aleksandra Rudzinska, and Associate Krzysztof Burda and London-based Partner Timothy Cleary, Senior Associate Christopher Leonard, and Associate Oliver Tully.
