Bracebridge Capital Successfully Secures Frontier III NPL Portfolio
Deal News | May 22, 2025 | CEE Legal Matters
Zepos & Yannopoulos has provided legal advisory services to Bracebridge Capital in the securitization of the Frontier III non-performing loan (NPL) portfolio, valued at EUR 700 million, originally from the National Bank of Greece (NBG). The transaction involved the application of a state guarantee on the senior notes through the Hellenic Asset Protection Scheme. National Bank of Greece maintained full ownership of the senior notes and a five percent share of the mezzanine and junior notes, while the majority of the mezzanine and junior tranches were sold to funds under Bracebridge Capital's management. Zepos & Yannopoulos previously advised on the Frontier II securitization in 2024. Their team for this deal included Partner Paris Tzoumas, Senior Associate Efthymis Naoumis, and Associate Tina Sofianou. Attempts to get comments from Zepos & Yannopoulos were unanswered.
Sectors
- Financial Services
- Legal Services
Geography
- Greece – The transaction involves the National Bank of Greece and originates from the Greek financial sector, highlighting the geographic relevance.
Industry
- Financial Services – The article discusses the securitization of a significant portfolio of non-performing loans which is a key activity within the financial services industry.
- Legal Services – Zepos & Yannopoulos, a law firm, is providing legal advisory services in the transaction, which is a typical role within the legal services industry.
Financials
- EUR 700 million – The value of the non-performing loan portfolio (Frontier III) involved in the securitization transaction.
- 100% – The percentage of senior notes retained by National Bank of Greece.
- 95% – The percentage of mezzanine and junior notes acquired by funds managed by Bracebridge Capital.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Bracebridge Capital | Bidding Company | Company | Managed the funds acquiring 95% of the mezzanine and junior notes in the securitization of the Frontier III NPL portfolio. |
| National Bank of Greece | Selling Company | Company | Originated the EUR 700 million non-performing loan portfolio and retained 100% of the senior notes in the transaction. |
| Zepos & Yannopoulos | Legal Advisor | Company | Provided legal counsel to Bracebridge Capital on the securitization transaction. |
| Paris Tzoumas | Legal Advisor | Person | Partner at Zepos & Yannopoulos who was part of the legal team advising on the transaction. |
| Efthymis Naoumis | Legal Advisor | Person | Senior Associate at Zepos & Yannopoulos who was part of the legal team advising on the transaction. |
| Tina Sofianou | Legal Advisor | Person | Associate at Zepos & Yannopoulos who was part of the legal team advising on the transaction. |