Il Bank of the Three Venices returns to the world of structured finance together with Banca Finint with the aim of creating new liquidity to be disbursed to local SMEs. After the securitization successfully completed in July 2019, the Padua institute decided to increase the size of the securitization transaction conceived together with the Conegliano bank by conferring an additional loan portfolio with a nominal value of approximately 140 million euro .
The intervention was carried out in a very short time with the assistance of Banca Finint in the role of arrange and as a service provider management of the securitization vehicle together with the Cappelli RCCD law firm as legal advisor. Following the sale of the new loan portfolio deriving from mortgage and unsecured loans to small and medium-sized enterprises, the securities senior pre-existing securities were thus increased by 116 million euro, while the junior of 24 million.
This particular intervention by “size increase” allows Banco delle Tre Venezie to significantly increase the availability of suitable instruments of high quality and liquidity for refinancing operations with the Eurosystem. Indeed, the rating assigned to the senior title by Standard & Poor's and DBRS is equal to A(sf), higher than that of the Italian Republic.
“We are particularly satisfied – he declares Stefano Aldrovandi, Deputy General Manager of BTV – for quickly completing this operation to increase the securities of the existing securitization, while maintaining its refinanceability with the Eurosystem. The rating assigned to the senior tranche confirms the good quality of the securitized portfolio, the result of the important work carried out by the Bank in the last year, despite the ongoing pandemic emergency. This "reopening and strengthening" of the operation - carried out thanks to the invaluable assistance of experienced and recognized value partners - confirms BTV's dynamism in finding solutions to continue to support the economy of its reference territory".
"We are very satisfied with the trust placed in us by Banco delle Tre Venezie for the realization of this increase operation, after the positive experience of the first issue in 2019 - he says Luigi Bussi, Head of Corporate & Investment Banking of Banca Finint -. Also in this case, the transaction was completed in record time, about a month and a half, and with excellent results in light of the credit dynamics in this pandemic period. We are certain that this intervention will give important support to the Banco's activity in the coming months and will ultimately be of great benefit to local businesses”.
