Skip to main content

New Consumer Credit Securitisation originated by Compass Banca S.p.A.

Banca Akros acted as Joint Lead Manager & Bookrunner

The following is a brief description of the new securitisation of performing consumer loans (Quarzo 2019-1), originated by Compass Banca S.p.A. and placed on the market on 15 November 2019.

  • Quarzo 2019-1 is the new securitisation originated by Compass Banca S.p.A. placed on the market and structured according to the new STS (Simple, Transparent and Standardised) rules; Banca Akros acted as Joint Lead Manager & Bookrunner.
  • Compass Banca S.p.A. sold a portfolio of performing consumer loans amounting to approximately €899 million to a special purpose vehicle (SPV), which financed the purchase by issuing three classes of ABS securities: Class A, amounting to €600,000,000, was placed on the market while Classes A2 and B and M were retained by the Originator.
  • Class A1 is rated Aa3(sf) and AA(sf) by Moody’s and DBRS, respectively. The rating reflects the high credit enhancement supporting Class A: subordination of 13%. Furthermore, Class A enjoys a high Excess Spread resulting from the Portfolio’s WA Interest Rate of 8.90%.
  • Quarzo 2019-1 was announced to the market on 7 November 2019. The book was opened on Tuesday 14 November 2019 starting with an IPT for Class A1 of 3mE + [60a] bps. With a Guidance of 1mE + [57-58 bps] (WPIR), pricing of 1mE + 57 bps was achieved on Friday 15 November 2019;
  • The book was covered approximately 1.5 times and the transaction benefited from a good diversification both in terms of geography and type of investors.



Investment Banking

Giuseppe Puccio                  +39 02 43444441

Debt Capital Markets

Pierpaolo Rossi                   +39 0243444642

Giada Sonego                     +39 0243444654

Fabrizio Ippolito                   +39  0243444581

Corporate & Institutional Banking

Nicola Scapillati                   +39 02 4344 4546

Securitisation & Structured Solutions
Banca Akros
Securitisation & Structured Solutions


Advertising message for promotional purposes. For the economic and contractual conditions, please refer to the information sheets available at the bank’s branches and on the website in the Transparency section.