Norton Rose Fulbright has advised Alpha Bank, a leader in the Greek market, on an innovative securitisation raising in excess of US$500m. The transaction, arranged and financed by Citibank, financed a portfolio of shipping loans. Alpha Bank will continue to service the loans. Unlike many securitisations, the financing was provided in a loan style format.

David Shearer, securitisation partner, Norton Rose Fulbright comments:

“This was a complex and bespoke transaction involving a dozen jurisdictions. Norton Rose Fulbright is one of the few firms that have the breadth of both expertise and coverage to successfully complete a transaction of this nature. It shows that transactions of this type are an efficient and viable avenue for the financing of large portfolios. We are seeing increasing activity in the market, across a range of asset types and expect the structured finance market to continue to strengthen.”

Harry Theochari, global head of transport, Norton Rose Fulbright, commented:

“The sources of debt financing the shipping sector has traditionally drawn on have declined considerably over the past five years. Mechanisms like securitisation help to increase liquidity in the market and this can only be of benefit to the shipping sector, which has suffered a great deal in recent years as a result of a severe shortfall in funding.”

The cross practice Norton Rose Fulbright team was led by David Shearer supported by Liana Miliotis, Harry Theochari (shipping finance) and Angela Savin (tax) in London. Marshall Islands and Liberian law advice was provided by New York shipping partners Brad Berman and Brian Devine.

Karatzas & Partners Law Firm advised Alpha Bank on Greek law. Allen & Overy were advisers to Citibank, with Moratis Passas Law Firm providing Greek law advice.