Submission of applications for Eurobank’s Cairo I and Cairo II securitisation

By its announcement dated December 19th, 2019, Eurobank Ergasias S.A. (“Eurobank”) informed the investment community of its intention the securitisation under the code name Cairo (“Cairo”), amounting to €7.5 billion in total, to opt-in to the Hellenic Asset Protection Scheme HERCULES.

Cairo is consisted of three (3) securitizations of different size and with different types of loan claims, namely the Cairo I, II & III.

Following the above, Eurobank announces today that, having met all the relevant requirements, it has submitted to the Ministry of Finance two (2) applications pursuant to Law 4649/2019 (Government Gazette A’ 206/16.12.2019) for opting-in to HERCULES programme of the Cairo I and Cairo II securitisations. The applications relate to the provision of guarantee by the Greek State on senior notes amounting to €1,655 million in total.

The application for Cairo III will follow in the coming weeks.

Cairo securitization is the first securitization of non-performing exposures (NPEs) in Greece for which an application for opting-in to the HERCULES program is submitted. Together with the Pillar securitization, which completed in 2019, they are the first securitisation of NPEs in Greece and considered key components of Eurobank’s front-loaded strategy aiming at reducing the NPEs ratio to 15% area in the first quarter of 2020.