Alpha Proodos DAC: 28 December 2016

The issuer will make payments on the notes from the principal, interest and other payments which the issuer will be entitled to receive (and retain net of tax) under a portfolio of Greek law-governed loans advanced or, in the case of bond loans, subscribed, in whole or in part, by Alpha Bank A.E. to borrowers comprising small and medium-scale enterprises or, in certain cases, individual professionals in Greece for the purpose of financing working capital requirements and/or the acquisition of assets by such borrowers.

The Seller may, during the Revolving Period, sell additional loans to the issuer. The initial portfolio and any additional loans sold to the issuer during the Revolving Period shall, together with any substitute loans transferred to the Issuer, constitute the Portfolio.

As at the cut-off date (16 December 2016) the pool consists of 1,056 loans, advanced to 755 obligors. Industry Sector Distribution (by current balances): accommodation and food service activities 33.3%, manufacturing 24.6%, wholesale and retail trade, repair of motor vehicles and motorcycles 21.1%. The WA current LTV (where appropriate) is 75.97% and the WA seasoning is 48 months. Regional concentration: Attica 43.8%, Crete 13.7% and the Aegean Islands 11.6%.


CRR 405: On the Closing Date, Alpha Bank A.E. will, as an originator for the purposes of the CRR, retain a material net economic interest of not less than 5% in the securitisation (representing downside risk and economic outlay) in accordance with the text of each of Article 405 of Regulation. As at the Closing Date, the Retention will be achieved by holding an interest in the first loss tranche and other tranches having the same or a more severe risk profile than those transferred or sold to investors, represented in this case by the retention by the Retention Holder of the Class C Notes.

Compare/contrast: Epihiro Plc