Quadrivio SME 2018 SrL: 31 July 2018
After an absence of over four years, this will be the third SME under the Quadrivio name, (all info for previous transactions available via www.euroabs.com) where the main source of payment of interest and of repayment of principal on the Notes will be collections and recoveries in respect of portfolios of monetary receivables and connected rights arising out of performing loans to small and medium sized enterprises, acquired by the issuer from Credito Valtellinese SPA.
The Credito Valtellinese Banking Group (CreVal Group) currently consists of territorial banks, specialised finance companies and special purpose companies for the provision of services to all the companies of the Group. As at 31 December 2017 the group was present in Italy with a network of 412 branches, in eleven regions.
The receivables derive from 10,668 loans granted under loan agreements entered into between
the originator and the 8,625 borrower groups, with each loan denominated in euros and governed by Italian law. All of the borrowers are private entrepreneurs and the average loan size per borrower is Eur136,744. Asset type: secured – 49.74%, unsecured – 50.26%. Borrower concentration: top borrower - 1.21%, top 10 - 7.00%, top 20 - 10.73%. Interest type (by current balances): floating 87.32%, fixed 12.68%. The WA seasoning is 3.35 yrs. Regional concentration (by current balances): Northern Italy - 62.33%, Southern - 23.14% and Central - 14.53%.
EU Risk Retention: CreVal, in its capacity as Seller, has undertaken that it will retain a material net economic interest of not less than 5% in the securitisation, in accordance with option 1(d) of each of Article 405 of Regulation (EU) no. 575/2013, Article 51 of Regulation (EU) no. 231/2013 and Article 254 of Regulation (EU) no. 35/2015.
US Risk Retention: The transaction is not intended to involve the retention by a sponsor for purposes of compliance with the final rules promulgated under Section 15G of the Securities Exchange Act of 1934, but rather it is intended to rely on an exemption provided for in Rule 20 of the U.S. Risk Retention Rules regarding non U.S. transactions.
Compare/contrast: Quadrivio SME 2014 SRL (Redeemed), Valconca SPV (2018-2), 2017 Popolare Bari SME SRL