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June 30, 2022
Cadwalader advised the co-arrangers, Deutsche Bank and Alantra, on Project Galaxy, which won “Transaction of the Year” as part of Structured Credit Investor’s (SCI) 2022 NPL (non-performing loan) Securitization Awards.
As SCI describes, Project Galaxy securitizes both retail and wholesale exposures, with retail including predominately non-performing exposures collateralized by residential real estate, as well as consumer and small balance loans. The deal marks the second-largest rated EMEA NPE (non-performing exposure) securitization, with €10.8bn in gross book value.
Cadwalader advised the arrangers in respect of the establishment and then placing of the Notes in three separate securitizations.
As a further highlight, SCI says that the transaction enabled originator Alpha Bank to “significantly reduce its non-performing loan ratio down to 13% from 29%.”
Cadwalader’s team was led by Capital Markets partner Nick Shiren and special counsel Assia Damianova.
Alantra also served as financial lead advisor to the deal.
The SCI editorial team made the final selections for all the awards, with input from an advisory board comprised of experienced industry participants.