Clifford Chance has advised the Getin Noble Bank on the synthetic securitization of its housing communities portfolio worth over PLN 500 million.
“Under the transaction, Getin Noble Bank’s portfolio of receivables from housing communities worth more than PLN 500 million was covered by secured unfunded credit protection,” according to Clifford Chance. The protection was ensured based on a secured financial guarantee issued by an institutional investor. “The main objective of the transaction was to improve the bank’s capital ratios by decreasing the risk weight of the portfolio to which the transaction related,” the firm informed.
Clifford Chance’s team included Partners Timothy Cleary and Grzegorz Namiotkiewicz, Counsels Tomasz Szymura and Mateusz Chrusciak, Senior Associate Christopher Leonard, and Lawyer Stine-Lise Budge.
Clifford Chance did not respond to our inquiry on the matter.