New securitisation of performing consumer loans (Sunrise 2021-2)

For Agos, this is the twentieth public securitisation and the fifth “STS” (Simple, Transparent and Standardised) securitisation, having concluded the first Italian STS transaction in March 2019.

Sunrise 2021-2 is the third “STS” securitisation originated by Agos Ducato SpA placed on the market. Banca Akros acted as Joint Arranger and Joint Lead Manager.

Agos Ducato SpA sold a portfolio of performing consumer loans amounting to approximately €847.8 million to a special purpose vehicle (SPV), which financed the purchase by issuing six classes of ABS: Class A, amounting to €603.4 million, was placed on the market net of retention by the Originator, while Classes B, C, D, E and M were retained by the Originator. Class A is rated AA(h) and AA- by DBRS and Fitch, respectively.

The rating is a reflection of the high credit enhancement supporting Class A. Furthermore, Class A benefits from a high Excess Spread due to the WA Interest Rate of the portfolio. The transaction marks the return of Agos Ducato SpA’s securitisations on the market following the interruptions caused by Covid-19.

Securitisation & Structured Solutions
Banca Akros
Securitisation & Structured Solutions

 

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