Securitisation & Structured Solutions
Banca Akros Joint Arranger in the new securitisation of Leasing Receivables of €1.26 billion originated by Alba Leasing S.p.A.
Banca Akros acted as Joint Arranger
The following is a brief description of the new securitisation of receivables arising from performing lease contracts (Alba 11 SPV S.r.l.), originated by Alba Leasing S.p.A. and issued on 25 June 2020.
- Banca Akros acted as Joint Arranger for Alba Leasing S.p.A in the structuring of the Alba 11 SPV S.r.l. securitisation.
- This is the first securitisation of leasing receivables concluded by Alba Leasing S.p.A. under the new Simple, Transparent and Standardised (STS) rules.
- Alba Leasing S.p.A. sold a portfolio of receivables from performing lease contracts amounting to approximately €1.26 billion. The portfolio sold is representative of Alba Leasing’s production mix in the capital goods (56.6%), automotive (20.2%) and real estate (22.3%) sectors, with a high level of granularity and geographical diversification.
- In order to finance the purchase of the portfolio, SPV issued 5 classes of securities (Senior, Mezzanine and Junior) which, at the time of issue – with the exception of Class A2 and part of Classes B and C purchased from the EIB (European Investment Bank) for a total of €443.6 million – were subscribed by the Originator.
- Class A1 is rated Aa3, AAA and AAA and Class A2 is rated Aa3, AAA and AA by Moody’s, DBRS and Scope, respectively.
- Thanks to this securitisation, Alba Leasing obtained medium-term funding that will be used for new loans to support investments by small and medium-sized Italian companies over the next two years.
- The operation forms part of the ENSI (EIF-NPIs Securitisation Initiative), a “Juncker” platform of cooperation between the EIB, the EIF and the National Promotion Institutions that aims to stimulate access to credit for SMEs via the capital market.
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