New "Pontormo RMBS S.r.l." Securitisation by Banca Cambiano 1884 S.p.A. and Banca di Pisa e Fornacette Credito Cooperativo S.c.p.a.

Banca Akros acted as Arranger

The main elements of the Pontormo RMBS S.r.l. securitisation of performing residential mortgages, originated by Banca Cambiano 1884 S.p.A. and Banca di Pisa e Fornacette Credito Cooperativo S.c.p.a., for which Banca Akros acted as Arranger, are described below.

The transaction was implemented as a restructuring of the Pontormo RMBS S.r.l. securitisation, originally finalised in 2017 between Banca Cambiano 1884 S.p.A., Banca di Pisa e Fornacette Credito Cooperativo S.c.p.A. and Pontormo RMBS S.r.l.

In December 2019, Banca Cambiano 1884 S.p.A. and Banca di Pisa e Fornacette Credito Cooperativo S.c.p.A. sold a further portfolio of performing loans deriving from land and mortgage loans, amounting to approximately €448 million, to the special purpose vehicle Pontormo RMBS S.r.l., which financed the purchase through the issue of four new classes of ABS securities fully subscribed by the Originator Banks.

With the sale in December 2019, the Pontormo RMBS S.r.l. transaction reached a current amount of approximately €960 million.

Class A1-2019, of an amount of approximately €158 million and Class A2-2019, of an amount of approximately €286 million, were rated “AA” by Standard & Poors and Fitch, respectively. The rating reflects the excellent performance of the outstanding Pontormo RMBS S.r.l. securitisation, as well as an adequate credit enhancement to support the Senior Classes: Subordination equal to 16% and Cash Reserve established at closing equal to 1.5% of the total amount of the Senior Classes.

The restructuring of the transaction will allow the Originator Banks to increase funding from ECB through Repo transactions with the new Classes A-2019 as underlying assets.

Pontormo RMBS S.r.l. is the tenth Extraordinary Finance transaction carried out during 2019 by the Securitisation & Structured Solutions Team.

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