Securitisation & Structured Solutions
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.
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
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