Ibla S.r.l.: 09 September 2018

This will be the debut NPL transaction from originator Banca Agricola Popolare di Ragusa, and will be backed by loans with a book value of Eur348.6m. The bank is a co-operative bank based in Ragusa, Sicily and has 95 branches on the island.

Press Release:
“In the framework of the three-year plan (2018-2020) for the reduction of non-performing levels loans, we inform you, updating the information previously provided on the subject, which, on 9 August 2018, Banca Agricola Popolare di Ragusa has sold a portfolio of non-performing loans with a gross value of € 348.6 million a "Ibla Srl" securitization vehicle, which, on 5 September 2018, issued three tranches of ABS securities: a senior tranche, a mezzanine tranche, and a junior tranche.

The total value of the securities issued is equal to 28% of the nominal value of the receivables transferred. At the date of issue all the securities were underwritten by the Agricultural Bank Popular of Ragusa. In relation to these senior tranches, the Bank has initiated the procedure for the issue, from part of the Italian State, of the guarantee on the securitization of non-performing loans to pursuant to Legislative Decree 18/2016, as amended for time.

The placement of mezzanine and junior classes with institutional investors, al term of a process that will be started in the coming weeks, will allow the derecognition of loans, with positive effects on credit quality indicators and on the economic and financial situation of the Bank.”


Compare/contrast: SPV Project 1503 Srl, Sagrantino Italy S.R.L