(Visited 29 times, 1 visits today)
(Visited 29 times, 1 visits today)
  • Transaction / Assets
    performing credits portfolio
  • Seller
    Alba Leasing
  • Buyer
  • € MM
    1.122 billion

Alba Leasing securitises performing credits for 1.122 billion

30 October, Milano Finanza

Alba Leasing, subsidiary of Banco Bpm (39.19%), Bper (33.50%), Popolare Sondrio (19.26%), and Credito Valtellinese (8.05%), has concluded a new securitisation for a nominal value of 1.122 billion euro. The operation has been finalised through the affiliate company Alba 9 Spv with Banca Imi and Societe Generale Cib in the role of joint arrangers.

The vehicle company has received a portfolio of credits composed of performing leasing contracts generated in the last 18 months. To fund the purchase of the portfolio, Alba 9 Spv issued 5 series of securities (2 senior, 2 mezzanines, and 1 junior).

The senior A1 tranche for a nominal value of 478.6 million, with a coupon for 32 base points on the Euribor at three months, has been entirely placed to institutional investors through a public offer that received orders for 1.13 billion.

The placement has seen the participation of 24 institutional investors, 20 of which international, for over 65% of the amount. The European bank for investments, together with the European Fund for investments, took part in the securitisation as investor and guarantor, underwriting the entire second senior tranche for 233.8 million.

The mezzanine securities for 246 million have been already underwritten by the originator.

Source: Milano Finanza

Translator: Cristina Ambrosi

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