Zenith Service S.p.A. is pleased to announce that it has successfully completed the new public securitisation of Banca PSA Italia S.p.A. involving automotive loans for an initial amount of Euro 320 million.
The transaction envisages a revolving period of 24 months starting from May 2022, during which additional portfolios may be purchased by the special purpose vehicle “Auto ABS Italian Rainbow Loans” with a possible increase in the subscribed amount of the ABS securities issued in partly-paid form up to Euro 800 million.
The asset-backed securities of Class A (Senior) were rated by DBRS Ratings Ltd and Fitch and were listed on the Luxembourg Stock Exchange. All notes (including the subordinated Class Z notes) were directly subscribed by Banca PSA Italia itself. The Senior notes will be used by the Originator as collateral for refinancing operations with the European Central Bank.
Zenith made available the special purpose vehicle “Auto ABS Italian Rainbow Loans S.r.l.” and acts as Corporate Servicer, Calculation agent and Representative of the bondholders.
“We are pleased to have supported Banca PSA in this new securitisation with our services, further strengthening Zenith’s leadership in the auto loan segment,” commented Tiziana Bertolazzi, Head of Origination & Soution at Zenith Service.