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4Mori Sardegna S.r.l.: 02 July 2018

Excerpts from the press release:

Banco di Sardegna SpA of the BPER Group concluded the securitization transaction of non-performing loans. In particular, a portfolio (of bad debts) was sold with effect from 1 January 2018 for a gross carrying amount of €900 million (against a gross value payable of € 1,044 million) with the issue, in return, of three different classes of securities for a total amount of €253 million. The total value of the securities issued is therefore equal to 28.10% of the gross value accounting for assigned loans.

The senior securities will be underwritten and retained by the originator Banco di Sardegna. As required by the GACS legislation, 95% of the mezzanine tranche and the junior tranche will be placed with institutional investors: the Banco di Sardinia will thus achieve accounting deconsolidation and derecognition for the purpose of portfolio supervision of "4Mori Sardegna".

As at the cut-off date (6 June 2018) the portfolio consisted of 25,080 loans advanced to 11,068 borrowers, where the average GBV (gross book value) per borrower is Eur94,384.

Compare/contrast: Red Sea SPV Srl, SPV Project 1503 Srl