POP NPLs 2019: 27 December 2019

Prelios Credit Servicing will act as Master Servicer in the multi-originator Pop NPLs 2019 transaction, announced on 20 December by twelve Italian commercial banks including eight Italian cooperative banks.

The transaction securitises a portfolio of Italian non-performing loans and has a gross collectible value of EUR 826.7 million, 58.6% of which consists of secured loans. The portfolio consists of 16,718 loans, advanced to 6,633 borrowers. The originators are twelve Italian commercial banks, including eight Italian cooperative banks. Residential and commercial real estate properties represent 54.0% and 17.6% of the pool by first-lien real estate value, respectively.

Luzzatti played the role of coordinator of the banks participating in the multi-originator transaction, while JP Morgan acted as Arranger.

The Italian State GACS guarantee on the senior tranche will be applied for.