Zenith Service S.p.A. is pleased to announce the completion of the consumer loan securitization of Findomestic Banca, pursuant to Law no. 130/99. The transaction was perfected through the establishment of a dedicated special purpose vehicle (SPV), “Autoflorence 2“, which purchased the portfolio of loans identified by the Bank. The SPV will purchase the loans on a revolving basis.
The SPV has issued Asset-Backed Bonds (ABS) in Senior, Mezzanine and Junior tranches, up to Euro 800 million, subscribed by qualified investors. The Senior and Mezzanine bonds are rated by Fitch and S&P – Class A rating AA- by Fitch and AA by S&P; Class B rating A+ by Fitch and A by S&P; Class C rating BBB+ by Fitch and BBB by S&P; Class D rating BBB by Fitch and BBB- by S&P; Class E rating BB+ by Fitch and B by S&P – and have been listed on the Luxembourg Stock Exchange. The transaction was structured in accordance with the European “Simple, Transparent and Standardized” securitization regulation and has the purpose of capital relief through the significant transfer of credit risk (SRT).
Zenith has provided the SPV in the transaction, together with its sole administrator and performs the roles of Corporate Servicer, Calculation agent, Representative of the noteholders and Back-up Servicer Facilitator. BNP Paribas acted as Arranger and Lead Manager.
“We are satisfied to have supported Findomestic and BNP Paribas by providing our services and to have made possible the completion of this important public transaction in a short time,” commented Umberto Rasori, CEO of Zenith Service.