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Quinto Sistema SEC 2017 (tap on 2016 issue): 18 June 2018

A very similar deal to the 2016 transaction, as many of the underlaying assets have been purchased by the Issuer from Quinto Sistema 2016. The principal source of payment of interest and variable return and of repayment of principal on the notes will be the collections and recoveries arising out of loan agreements entered into or to be entered into by ADV Finance SA, Sigla S.r.l., Pitagora S.p.A., and Spefin Finanziaria S.p.A., as the original lenders and the relevant debtors, and purchased by Banca Sistema S.p.A. from the relevant original lenders.

The common criteria (include): are personal loans to be reimbursed through a Salary Assignment or, alternatively, assisted by a Payment Delegation issued in favour of each Original Lender; have been denominated in Euro and do not contain provisions that allow their exchange in another currency; have been entirely granted; are governed by Italian Law; at least one instalment has accrued and paid; have been granted in favour of individuals, resident or domiciled in Italy; do not have more than three unpaid instalments.

The portfolio consists of 12,020 loans. Breakdown of portfolio (by no. of loans / current balance): Performing receivables not in arrears 9,034 / 74.50%; Performing receivables in arrears 2,986 / 25.50%. Original lenders (by loan count / outstanding balance): SIGLA CREDIT 5,822 / 50.2%; SPEFIN 3,114 / 25.6%; FIGENPA 1,719 / 14.6%; PITAGORA 1,344 / 9.4% and ADV 21 / 0.2%. Product type (by loan count / outstanding balance): CQP 7,277 / 57.9%, CQS 4,070 / 36.4% and DLG 673 / 5.7%. Regional distribution (by outstanding balance): Lazio 67.9%, Lombardia 7.3% and Campania 4.7%.

CRR 405: Banca Sistema, in its capacity as “originator”, has undertaken it will retain at the origination and maintain on an ongoing basis at least 5% of net economic interest in accordance with option (a) of Article 404 of CRR or any permitted alternative method thereafter and provide adequate disclosure to the Noteholders in accordance with the Retention Requirement Law.

Compare/contrast: Quinto Sistema SEC 2016, Towers CQ S.R.L.