Allen & Overy (A&O) advised the Hellenic Republic on its third securitisation of receivables in Greece. The deal involved s2bn (£1.37bn) of receivables from lottery tickets. The firm was approached by the banks in the summer and was also brought in to advise the Republic. Fresh-fields Bruckhaus Deringer was brought in at execution stage to advise the banks. Under the EU Third Community Support Framework, countries with emerging markets are given money to pay for eligible projects. However, the money is reimbursed so the country needs a working capital facility. Hellenic sold the receivables to generate the working capital. The special purpose vehicle and the notes were listed in Luxembourg and the ratings were AA, A, A from Moody's, Standard & Poor's and Fitch respectively.