Aqui SPV: 10 November 2018
BPER Banca has completed the securitisation operation of a non-performing loan securitisation.
Essentially, a portfolio of bad debts with a gross carrying amount of €1.9bln was sold, with an economic effect from 1 January 2018 (compared to a gross receivable of €2.1bln consisting of secured receivables 59.5% and unsecured loans for 40.5%) to the "AQUI SPV Srl" securitisation vehicle set up pursuant to Law 130/99, with a counterpart of three different classes of securities for an amount total amount of € 618.4 million.
As required by the GACS regulations, in order to obtain the deconsolidation of the transferred assets, 95% of mezzanine and junior tranches were placed with institutional investors.
As part of the "AQUI" transaction, Mediobanca and JP Morgan played the role of Arranger while Prelios Credit Servicing was named Master and Special Servicer.
The legal consultancy has been entrusted to the law firms Chiomenti and Orrick, Herrington & Sutcliffe, respectively for the Arranger and for the Originators.
They collaborated with Securitization Services, BNP Paribas Securities Services and Zenith Service.