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Centro Delle Alpi SME S.R.L.: 22 June 2023

The net proceeds of the offering of the Notes will be applied to fund, inter alia, the purchase of (i) a portfolio of monetary claims and connected rights arising under loans granted to small and medium-sized enterprises pursuant to loan agreements collateralised by mortgages entered into between Banca Popolare di Sondrio SpA and the relevant Debtors, and (ii) a portfolio of monetary claims and connected rights arising under loans granted to small and medium sized enterprises pursuant to loan agreements, by guarantees granted by the Fondo di Garanzia per le PMI (the “CGFS”) and administered by Banca del Mezzogiorno - Mediocredito Centrale SpA entered into between BPS and the relevant Debtors.

Pursuant to the terms and subject to the conditions of the Master Transfer Agreement, the Originator may, during the Ramp-Up Period, sell to the Issuer further non-mortgage portfolios of further non-mortgage receivables between BPS and the relevant Debtors.

The provisional pool consists of 23,824 loans, with the mortgage portfolio accounting for 41.16% of current balances, and the non-mortgage portfolio for 58.84%. Interest rate type: floating – 66.71%, fixed – 33.29%. The WA seasoning is 3.85 years. Regional distribution: Lombardia – 69.10%, Lazio – 10.47% and Veneto 5.71%.

EU Risk Retention: The Originator has undertaken that it will retain for the life of the transaction a material net economic interest of not less than 5% in the securitisation. As at the Issue Date, such material net economic interest is represented by the retention of not less than 5% of the nominal value of each Class of Notes, as required by the text of Article 6(3)(a) of the Securitisation Regulation.

US Risk Retention: The transaction will not involve risk retention by the Originator for the purposes of the final rules promulgated under Section 15G of the Securities Exchange Act of 1934, and the issuance of the Notes was not designed to comply with the US Risk Retention Rules. The Originator intends to rely on an exemption provided for in Section __.20 of the US Risk Retention Rules regarding non-US transactions that meet certain requirements.

STS: The Securitisation is intended to qualify as a simple, transparent and standardised (“STS”) securitisation within the meaning of Article 18 of the Securitisation Regulation.

Compare/contrast: Giada Sec. Srl (2022), Valsabbina SME Platform II Srl