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Fanes S.r.l (Series 2020-1): 14 June 2020

The will be the fourth mortgage securitisation transaction to have been originated by Cassa di Risparmio di Bolzano S.p.A. under the “Fanes” label, where the assets supporting the notes consists of mortgage loans, extended to individuals, which are backed by the first economic lien on residential properties located in Italy. (All previous transactions can be found via

The portfolio comprises of 3,208 loans. Asset type (by current balance): mortgages – 67.98%, non-mortgages – 32.02%. Industry concentration: Accommodation and food service activities – 30.65%, Real estate activities – 14.89%, Agriculture, forestry and fishing – 14.46%, Manufacturing – 10.71% and Wholesale and retail trade; repair of motor vehicles – 10.43%. Interest rate type: floating – 79.74%, fixed – 20.26%. The WA seasoning is 4.66 years. Regional concentration: Trentino Alto Adige – 75.17% and Veneto – 19.53%.

EU Risk Retention: CR Bolzano has covenanted to and agreed that it will retain on the Issue Date and maintain on an ongoing basis a material net economic interest of at least 5% in the securitisation in accordance with option (a) of Article 6(3) of the Regulation (EU) No. 2402/2017.

US Risk Retention: The Originator does not intend to retain at least 5% of the credit risk of the Issuer for the purposes of the U.S. Risk Retention Rules, but rather intends to rely on an exemption provided for in Section .20 of the U.S. Risk Retention Rules regarding non-U.S. transactions.

Compare/contrast: Fanes Srl (Series 2018), Civitas SPV (Series 2019-1) Srl, Valsabbina SME SPV Srl