Aragorn NPL 2018 S.r.l.: 17 June 2018

Another issuance of Italian non-performing loans, on this occasion being a static cash securitisation of a EUR 1.671bln (GBV) and comprising of both secured (75.4%) and unsecured (24.6%) loans. The loans were originated by two subsidiaries of the Credito Valtellinese Banking Group, namely Credito Valtellinese (84.5%) and Credito Siciliano (15.5%).

The 8,232 loans were advanced to both companies (91.1%) and individuals (9.9%). In total there are 4,161 borrowers, where the Average GBV per Borrower is Eur401,483 and Average GBV per Loan is Eur202,936. In the case of the secure loans, these are backed by residential and non-residential properties.

Of note is that while the portfolio was acquired on the closing date (12 June 2018), the issuer is entitled to all portfolio collections received since 31 December 2017.

Compare/contrast: Siena NPL 2018 Srl, SPV Project 1503 Srl