Bank Ifis has successfully completed the renovation of a securitization da 1,15 billion of euros, dedicated to factoring credits Property. Called “Ifis Abcp Programme”, the operation was launched on 13 October 2016 and includes the continuous assignment of receivables deriving from the Bank's ordinary factoring towards private customers, acquired both without recourse and with recourse, with notification of the assignment to the assigned debtors.
Banca Ifis improves securitization conditions and expands the investor base
During the restructuring, Banca Ifis has expanded the investor base six to eight institutes, improving at the same time economic conditions of the securitization and the extension of the revolving period for a further 24 months. Alongside the banks already involved - Intesa Sanpaolo - Division Imi Cib, Unicredit Bank Gmbh, Bnp Paribas Cib Italia, Santender Cib, Crédit Agricole Cib and Societe Generale CIB, all acting as co-arrangers - have joined Cassa Depositi e Prestiti, with the aim of financially supporting SMEs, e Natixis Cib, joined as co-arranger.
Also participating in the operation were Banca Finint, which acted as Corporate Servicer, Representative of the Noteholders and Back-Up Servicer, Bnp Paribas Securities Services as Account Bank and Principal Paying Agent, and Clifford Chance, who acted as legal advisor for subscribers.
The comment of the Ferrari CFO
“We are satisfied with the success of this operation which had a market demand far exceeding the amount issued – he declared Robert Ferrari, chief financial officer of Banca Ifis -. With this project we further strengthen our business model in factoring and our ability to refinance ourselves. Furthermore, the expansion of the pool of subscribers, which is enriched by two prestigious players such as Natixis and Cassa Depositi e Prestiti, confirms the credibility and authority of Banca Ifis on a highly competitive market such as that of securitisations".
