Banco BPM makes another significant progress in the derisking action. After conclusion of the Django project, relating to the non-recourse assignment of Unlikely to Pay credits for a Gross Book Value (GBV) of approximately 1 billion euro, the Lombard-Veneto institute communicated that the Titan project has been perfected, relating to the multi-originator securitization concerning credits, assets and legal relationships deriving from non-performing leasing credit contracts.
The transaction, in which Banco BPM, Release and Alba Leasing participated as originators and whose total amount was approximately GBV 335 million, ensured on the Banco BPM and Release side the sale of a portfolio of approximately 145 million Euro of GBV including write-offs and the issuance of three classes of notes, senior, mezzanine and junior. On the senior tranche, which has received BBB ratings from Scope Ratings and DBRS, the guarantee granted by the State (Gacs) will be requested, while the mezzanine and junior tranches were sold on the market.
Banco BPM also recalls that the effect on the income statement of the transaction has already been substantially included in the quarterly result as at 30 September 2020. For the securitisation, the Originators made use of the assistance of Banca Akros, Mediobanca and Société Générale as arranger, while Chiomenti held the position of Legal Counsel for the Transaction. Prelios Credit Servicing, a Prelios Group company, will manage the Master and Special Servicing activities.
