Securitisation

Within the field of corporate finance, Banca Akros has obtained a specialisation in structured finance by organising securitisation deals for banks, financial companies, public bodies and corporations.

Securitisation techniques in a stable market are one of the alternative funding sources financial institutions and industrial companies have at their disposal.

These transactions provide "originator" clients with a funding instrument that is guaranteed by assets with a rating above that of the originator and that gives clients a source of funding at an average lower cost than the cost of funding on unsecured bond markets.

In the event of a bank originator, so-called "self-securitisation" allows clients to turn part of their assets, made up of mortgages or unsecured (signature) loans, immediately into liquidity by using the securities, guaranteed by the assets, underlying the securitisation as collateral on funding transactions with the European Central Bank.

In the event of corporate originators, the bank can structure transactions to obtain the sale of off-balance sheet credit under IAS accounting standards. In this case, securitisation ensures a reduction in the financial leverage and allows the company to obtain a better balanced financial structure.

Despite the pro-soluto legal nature of the sale, securitisation can allow the seller to benefit in any case from any yield on the portfolio of sold assets and to keep relations with its clients.

The offer to clients

Banca Akros can structure and place securitisation deals by issuing:

  • Asset Backed Securities;
  • Mortgage Backed Securities;
  • Asset Backed Commercial Paper.

The investors the securities are placed with may be:

  • The Public Bond Market;
  • Private Investors (Private Placements);
  • Conduits;
  • Originator (ECB Eligible Assets).

Issuers are offered the opportunity to:

  • widen their funding source;
  • broaden the investor base;
  • reduce the liquidity risk by establishing ECB Eligible Assets;
  • lengthen bond maturities;
  • raise capital for development without reducing control;
  • transfer part of the associated risk to the assets to be securitised.

Banca Akros restructures securitisation deals that can be financed through the issuance of medium-term securities by vehicles established ad hoc under law 130/99 and, if clients need them, through the issuance of short-term commercial paper by multi-seller conduits owned by Banca Akros' international partners. These issuances carry the best short-term rating by S&P, Moody's and/or Fitch. The vehicle can be used to securitize a wide range of credit whether it is sold by financial or corporate clients.

The value for clients

The complexity of a securitisation deal requires the coordination of a large number of participants, both internally and externally.

It follows that the overall efficient management of the securitisation process is the most important factor in ensuring that the transaction is completed in time and within the budget.

Banca Akros undertakes to:

  • establish a joint project team to manage the activities required by the deal;
  • arrange weekly project meetings to examine the progress;
  • ensure a close working relationship between Banca Akros' staff and the client.

In particular, Banca Akros undertakes to:

Allocate suitable staff:

  • a team of professionals with the suitable skills will be allocated for the entire duration of the transaction;
  • all the relevant information will be provided and put forward to meet the requirements of rating agencies.

Provide a structuring service and consulting on transparent pricing:

  • all the possible structures are considered and put forward;
  • the economic features of the transaction are presented to the client clearly and transparently;
  • i costi dell'operazione vengono stimati e negoziati in modo appropriato.

Remain available to the Customer:

  • the team works on the basis, if possible, of the premises agreed with the Client under the auspices of a project manager chosen by the customer;
  • the customer has complete control of the process and is fully involved in all aspects of the operation.

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