Transaction / Assets Leasing portfolioSeller FinintBuyer Hypo Bank€ MM 483
Goldman Sachs and Finint, purchase of NPL for 483 million from Hypo Bank
06 November, First Online
The group Finint communicated that the first operation was finalised, with Goldman Sachs in the role of investor, concerning the transfer of a leasing portfolio with the consequent transfer of the underlying contracts and assets. The portfolio, sold to Hypo Bank, concerns 1,860 positions for an amount in terms of Gbv equal to 483 million euro of performing credits at the date of reference.
This is a pioneering operation, explains the memo from the Conegliano-based financial company, implemented according to a scheme introduced by the Law 130/99 on securitisations approved last June. The law sees the transfer, from one side, of a credit portfolio to a company for the securitisation and, on the other side, the transfer of the related contracts and underlying assets to an ad hoc company (LeasingCo) of the same group of the bank.
The operation is structured in a way that it allows the appreciation of the guarantees of the credits represented by the assets, explains the memo from Finint. Moreover, it introduces, for the first time in Italy, the great opportunity for seller and investor to solve the problem related to the transfer of performing and non-performing loans for leasing contracts.
This sector has been left out from the transfer operations in the recent years due to the difficulties related to the transfer of contracts and the underlying assets that, in absence of an efficient structure, had to stay under the ownership of the leasing company. This latter represents a considerable source of funding for Italian SMEs. Now, leasing companies have an instrument to disinvest impaired assets and not only.
The operation has seen involved Goldman Sachs in the role of investor and the group Finint, for which Securitisation Services has intervened in the role of securitisation servicers and in the implementation of the company and of LeasingCo, Agenzia Italia in the role of primary servicer, appointed for the management of credits, contracts and assets, and Finint Revalue in the role of special servicer for the credit collection activity, as well as Banca Finint in the roles of account bank and principal paying agent in the securitisation.
“We’re very happy to have concluded, in partnership with Goldman Sachs, a pioneering operation in the leasing sector – states Finint president, Enrico Marchi – The evolution in the securitisation of leasing credits in Italy has been growing since 2016 and the new regulation offers many advantages, both for the leasing company, that finds in securitisation an important source of funding, and for investors, who can benefit from a finer granularity and more diversity in terms of geographic areas and sectors of the underlying portfolios”.
Source: First Online
Translator: Cristina Ambrosi