Brisca Securitisation: 11 July 2017

…. From the official Banca Carige press release….

Genoa, 5 July 2017 – As part of the bad loan deconsolidation process currently underway, on 16 June 2017 the Carige Group transferred a bad loan portfolio, approximately amounting to gross EUR 938.3 mln as at the cut-off date, to the securitisation vehicle Brisca Securitisation Srl, which has today issued three classes of ABS securities:

- senior class securities for an overall amount of approximately EUR 267.4 mln, rated investment grade, BBB(high) and A3 by DBRS and Moody’s, respectively;

- mezzanine class securities for an overall amount of approximately EUR 30.5 mln, rated B(low) and B3 by DBRS and Moody’s, respectively;

- junior class securities for an amount of EUR 11.8 mln, not rated.

The securities issued were fully underwritten by the Carige Group at their nominal value of approximately EUR 309.7 mln, i.e. approximately 33% of the gross amount of transferred loans. The junior and mezzanine notes will be placed on the market for the purpose of deconsolidating the portfolio of transferred loans and applying for the Italian Government guarantee scheme (GACS).

Banca IMI (Gruppo Intesa SanPaolo) was engaged to act as arranger and placement agent in the transaction, whereas the servicing of the deal was entrusted to Prelios Credit Servicing. Studio Chiomenti, PwC Legal, Securitisation Services, BNP Paribas and Zenith Service took part in the deal.