BIPCA Cordusio RMBS

After a 5yr absence, this will be the fourth RMBS securitisation from Italian originator Bipop Carire,
a traditional commercial bank which offers the full range of banking products and services (i.e.
mortgage and consumer lending, insurance, leasing, factoring, asset management and private
banking) delivered to retail, private, corporate and institutional customers through a widespread
network of own brand branch offices and autonomous professional promoters.

The 8,505 Mortgage Loans (to 8,461 borrowers) have been secured by an “economic” first-
ranking priority voluntary mortgage over Real Estate Assets where the borrower is resident in Italy.
The average current size is Eur111,895 and all the loans have been drawn down in full.

To be included in the portfolio, at least one Principal installment was due and had been paid, and all
payment of Installments is provided for by direct debit to the borrowers’ bank account. None of the
loans at origination, or at present, have a LTV of higher than 80%. WA seasoning is 1.17yrs

Floating rate mortgages (until maturity) account for 92.10% of all the loans. Geographically, the port-
folio is heavily concentrated in the north of Italy, with the two main regions by current outstandings
are: Lombardia 51.74%, and Emilia Romagna 25.79%. Southern Italy accounts for no more than
0.25% of current outstandings.


Compare/contrast: Velites (Bipop-Carire), BPL Mortgages Srl.

Velites (Bipop-Carire)BPL Mortgages Srl