Adriano Lease SEC (2017) S.r.l: 01 December 2017

The principal source of payment of interest and of repayment of principal on the notes will be the collections and recoveries made in respect of monetary claims and connected rights arising out of lease agreements entered into by the Originator, Mediocredito Italiano S.P.A., as lessor, and certain lessees, and purchased by the issuer from the Originator pursuant to the receivables purchase agreement.

Mediocredito Italiano S.p.A. is part of the Intesa Sanpaolo S.p.A. Group (100% owned by Intesa Sanpaolo S.p.A.) within the Banca dei Territori Division. Mediocredito Italiano’s history began over sixty years ago, in 1953, and since then several corporate and organisational changes have occurred. Focusing on recent years, the most significant change took place in 2014 with the absorption of all Intesa Sanpaolo S.p.A. Group’s units dedicated to leasing and factoring activities, and in general to providing medium-long-term financing to businesses.

Eligibility criteria (includes): have been originated directly by Mediocredito Italiano S.p.A., as lessor, or by companies for which Mediocredito Italiano S.p.A. is the legal successor (successore a titolo universale), and have not been originated by Neos Finance S.p.A.; do not benefit from any subsidies or contributions by the Republic of Italy or Italian public entities; do not provide for amortisation plans being the result of the Lessees being in arrears or otherwise negotiated with the relevant Lessees; have as their subject the financial leasing of one or more assets belonging to the following categories: 1. Motorvehicles Pool; 2. Equipment Pool; 3. Real Estate Pool; the Assets of which have been insured and the beneficiary of the relevant Insurance Policies is Mediocredito Italiano S.p.A.; the Instalments of which are denominated in Euro.

As at the cut-off date (31 October 2017), the portfolio consisted of 22,553 leases, all serviced by direct debits.

Pool…………….no. of leases……. Avg Principal ….. WA seasoning…….. Fixed/Floating
Auto……………6,982……………….23,869……………… ..19.6……………..34.6/65.4
Equipment….. . 8,743…………….. 76,702……………...… 28.7……………..21.0/79.0
Real Estate….. 6,828……………. 495,449……………,…. 80.3………………7.4/92.6

The Portfolio comprises of 11,708 debtor groups, where the top debtor group accounts for 0.7% of current balances, the top 10 for 4.9% and the top 20 for 7.7%. Regional concentration (By current outstanding balances): Lombardia 37.0%, Veneto 11.8%, Piemonte 8.6% and Toscana 8.3%.


CRR 405: The Originator has undertaken to retain as at the Issue Date and on an ongoing basis a material net economic interest not lower than 5% in the securitisation described in the prospectus in accordance with Article 405 of the CRR, Article 51 of the AIFMR and Article 254 of Solvency II Regulation.


Compare/contrast: Adriano Lease SEC S.r.l, Alba 9 SPV S.r.l