White & Case advises EIF on synthetic securitisation of Spanish SME loan portfolio originated by BBVA

Global law firm White & Case LLP has advised the European Investment Fund (EIF) on a synthetic ‘Simple, Transparent and Standardised’ (STS) securitisation of a €1.4 billion portfolio consisting of loans to SMEs originated by BBVA.

The EIF guarantee on the mezzanine tranche of €93 million related to a reference portfolio of approximately €1.4 billion. A counter guarantee (back-to-back) from the European Investment Bank (EIB) mirrors the EIF’s obligation, so that the EIB covers the credit risk related to the mezzanine tranche.

The White & Case team which advised on the transaction included partners Dennis Heuer (Frankfurt), Ingrid York (London) and Arnaud Cagi-Nicolau (Luxembourg) and associates Reetu Vishwakarma (Frankfurt) and Konstantinos Strakas (Luxembourg).

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