Credico Finance 18 S.r.l.: 08 December 2019
The net proceeds of the offering of the Notes will be mainly applied by the Issuer to fund the purchase of portfolios of monetary claims arising under unsecured loans and mortgage loans granted to small and medium sized enterprises executed by EMIL Banca Credito Cooperativo - Società Cooperativa, BCC Umbria Credito Cooperativo Società Cooperativa, Banca della Marca Credito Cooperativo - Società Cooperativa, Banca di Credito Cooperativo Abruzzese - Cappelle sul Tavo s.c.p.a. a Mutualità Prevalente, Banca Alpi Marittime Credito Cooperativo Carrù Società Cooperativa per Azioni, Banca del Piceno Credito Cooperativo, Banca di Credito Cooperativo di Alba, Langhe, Roero e del Canavese - Società Cooperativa, Credito Cooperativo Ravennate, Forlivese e Imolese - Società Cooperativa, Banca di Credito Cooperativo di Ostra e Morro d’Alba - Società Cooperativa, Banca Patavina Credito Cooperativo di Sant’Elena e Piove di Sacco - Società Cooperativa, Banca di Credito Cooperativo di Pontassieve – Società Cooperativa, Banca di Credito Cooperativo di Recanati e Colmurano - Società Cooperativa, Banca di Credito Cooperativo dei Colli Albani - Società Cooperativa and Banca Mediocredito del Friuli Venezia Giulia S.p.A. (collectively the Originators). The principal source of payment of interest and repayment of principal on the Notes will be collections and recoveries made from or in respect of the Portfolios.
The portfolio consists of 3,916 loans advanced to 3,565 borrower groups, where the average current loan balance is Eur132,641 and the largest is for Eur3.712mln. The largest borrower group accounts for 0.71% of total current balances, the top 10 for 3.64% and the top 50 for 11.11%. Interest rate type: floating 94.29%, fixed 5.71%. The WA current LTV (where applicable) is 48.68% and the WA seasoning is 4.12 years. Regional breakdown: North – 74.97%, Centre – 21.95%, South – 3.07%.
EU Risk Retention: Each of the Originators has undertaken that it will retain at the origination and maintain on an ongoing basis a material net economic interest of not less than 5% in the securitisation in accordance with option (3)(d) of Article 6 of the Regulation (EU) number 2017/2402. As at the Issue Date, such interest comprised a retention of the first loss tranche (being the Junior Notes), which in total is not less than 5% of the nominal value of the securitised exposures.
US Risk Retention: None of the Issuer, any Originator, or any other person will retain any interest for purposes of compliance with the final rules promulgated under Section 15G of the Securities Exchange Act of 1934, in reliance on an exemption provided for in Rule 20 of the U.S. Risk Retention Rules regarding non U.S. transactions.
Compare/contrast: Credico Finance 16, Impresa Two Srl, Valsabbina SME SPV Srl