The operation, the bank notes in a note, is part of the Non-Core Portfolio Run-down acceleration program.
PRISMA has issued three classes of securities: € 1.21 billion senior, € 80 million mezzanine and € 30 million junior. The senior and mezzanine notes received a rating of Baa1 and B3 and from Scope respectively BBB + and B- from Moody's.
UniCredit has just finalized an agreement for the sale of 95% of the mezzanine and junior notes to a financial institution not belonging to the UniCredit Group, while it will consider 5% as originator as net economic interest required by the relevant legislation. Italfondiario and doValue act respectively as Master and Special Servicer of the securitization while Securitization Services S.p.A. (Banca Finint Group) holds the roles of Monitoring Agent, Calculation Agent, Representative of Noteholders and Back-up Servicer Facilitator.
UniCredit has notified the ECB of its intention to obtain the "Significant Risk Transfer" by the end of December 2019.
Source link
https://www.finanzaonline.com/notizie/unicredit-cede-maxi-portafoglio-npl-di-mutui-residenziali-da-41-miliardi
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