Clifford Chance Advised Bank Millennium on Polish Securitisation Deal
Global law firm Clifford Chance helped Bank Millennium shed risk from a PLN 7.2 billion portfolio of unsecured non-mortgage
Clifford Chance Advised Bank Millennium on Polish Securitisation Deal Global law firm Clifford Chance helped Bank Millennium shed risk from a PLN 7.2 billion portfolio of unsecured non-mortgage loans in a ground-breaking synthetic securitisation deal. They achieved this by transferring a significant portion of the risk to investors through credit-linked notes (CLNs) arranged by UniCredit...
Clifford Chance Advised Bank Millennium on Polish Securitisation Deal
Global law firm Clifford Chance helped Bank Millennium shed risk from a PLN 7.2 billion portfolio of unsecured non-mortgage loans in a ground-breaking synthetic securitisation deal. They achieved this by transferring a significant portion of the risk to investors through credit-linked notes (CLNs) arranged by UniCredit Bank AG.
Clifford Chance has by now advised on three transactions where credit risk transfer was achieved through credit-linked notes (CLNs). In 2023, they steered Millennium Leasing through a similar deal, and in 2022, they paved the way for mBank's ground-breaking STS synthetic securitisation – the first of its kind in Poland.
The transaction was expertly guided by a dedicated team from Clifford Chance, led by partners Timothy Cleary and Grzegorz Namiotkiewicz. Invaluable legal counsel was also provided by counsel Aleksandra Rudzińska, senior associate Christopher Leonard, and associates Oliver Tully and Krzysztof Burda.