2019 Popolare Bari SME S.r.l.: 14 August 2019

On 8 May 2019 (the Initial Issue Date), the Issuer issued Class A Asset Backed Floating Rate Notes due May 2059, Class J1 Asset Backed Floating Rate and Additional Return Notes due May 2059 and Class J2 Asset Backed Floating Rate and Additional Return Notes due May 2059 to finance the purchase of two portfolios of monetary claims and connected rights arising out of loans granted to small and medium-sized enterprises from Banca Popolare di Bari S.C.p.A, and Cassa di Risparmio di Orvieto S.p.A.

On 8 August 2019 (the Issue Date) the Issuer will issue Euro 681,378,000.00 Class A1 Asset Backed Floating Rate Notes due May 2059, Euro 66,361,000.00 Class A2 Asset Backed Floating Rate Notes due May 2059, Euro 396,272,000.00 Class J1 Asset Backed Floating Rate and Additional Return Notes due May 2059, and Euro 57,819,000.00 Class J2 Asset Backed Floating Rate and Additional Return Notes due May 2059. The proceeds of the subscription of the Notes will be applied by the Issuer, irrespective of any priority of payments and any contrary provision set forth in the Transaction Documents, to, inter alia, (i) redeem the principal amount outstanding of the Original Notes on the Issue Date; and (ii) pay, also by way of setoff, the purchase price of the Additional Portfolios.


EU Risk Retention: Each of the Originators has undertaken to retain for the life of the transaction a material net economic interest of not less than 5% in the securitisation as required by Article 6(1) of Regulation (EU) 2017/2402. As at the Issue Date, the Originators will meet this obligation on a pro rata basis by retaining an interest in the first loss tranche (being the Junior Notes) as required by the text of Article 6(3)(d) of the Securitisation Regulation.

U.S. Risk Retention: The transaction is not intended to involve the retention by a sponsor for purposes of compliance with the final rules promulgated under Section 15G of the Securities Exchange Act of 1934, as amended, in reliance on an exemption provided for in Rule 20 of the U.S. Risk Retention Rules regarding non-U.S. transactions.

Compare/contrast: 2017 Popolare Bari SME Srl