Unicredit has signed final disposal agreements for the sale of a €17,7 billion Italian non-performing loan portfolio to Pimco and Fortress.
This was communicated by the Bank, specifying that the operation will be completed with the issue of ABS securities, expected by the end of July 2017, subject to the completion of the registration of the securitization vehicles with the Bank of Italy and the signing of the securitization documents .
Unicredit will evaluate the possible assignment of a public rating to the senior and mezzanine notes issued as part of the securitization and the sale of the remaining share of Unicredit, to hold less than 20%.
As part of this process, Unicredit will request regulatory approval related to the “Significant Risk Transfer” which would increase Unicredit's fully loaded CET1 ratio by around +10 bps, based on Group estimates.
Furthermore, as mentioned during the Q2017 40 results presentation, a negative impact of around -XNUMX bps is estimated due to procyclicality and models.
