Securitisation & Structured Solutions
Credimi S.p.A.: new securitisation worth € 200 million of funding for SMEs
With Banca Akros as Joint Arranger.
A brief description is provided below of the new securitisation operation on receivables due from loans to small and medium sized companies not in receivership (Perseveranza SPV), originated by Credimi S.p.A. and issued in April 2021.
- Banca Akros acted as Joint Arranger for Credimi S.p.A in the structuring of the securitisation operation Perseveranza SPV.
- Banco BPM acted as Senior Noteholder.
- Credimi S.p.A., within the context of the operation, shall transfer to the special purpose vehicle Perseveranza SPV credit portofolios worth 200m in total.
- Perseveranza SPV funds the purchase of the portfolios by emitting asset backed securities underwritten by institutional investors.
- The underlying loans are issued to small and medium sized companies and have a duration of 5 years, of which the first year is given over to pre-amortisation.
- The Transaction has enabled Credimi to boost its total takings to 620 million for the last 12 months, thus further bolstering its position as the largest digital lender for SMEs, both in Italy and in the European Union (source: P2P Market Data).
- The transaction confirms the importance of securitisation as a funding tool for the originator, allowing an expansion of funding sources and making the funding activity stable and efficient.
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