UniCredit Leasing has successfully completed a securitization of approximately 1,6 billion euro of loans from an Italian non-performing portfolio represented by real estate leasing (Npl Lease) to a vehicle company, Relais Spv. The properties were transferred to a lease company, a subordinated company envisaged by the law on securitization for the management of real estate assets (Relais LeaseCo). The transaction took place as part of the non-Core portfolio run-down acceleration programme.
The securitization was structured by Unicredit Bank AG as Sole Arranger and represents thefirst transaction in Italy with underlying leasing receivables Non-performing aimed at obtaining the GACS guarantee (Guarantee on Securitization of Bad Loans) for senior notes.
Last December 11th Relais has issued 3 classes of securities:
- 466 million seniors,
- 91 million mezzanines,
- 10 million juniors.
The senior notes are rated Baa2 by Moody's and BBBsf by Scope. Italfondiario and doValue act respectively as Master and Special Servicer of the securitization.
Relais and Relais LeaseCo were formed by Finint Bank, who also covers the roles of corporate servicer, monitoring agent, calculation agent, representative of noteholders, and back-up servicer facilitator for both.
Ucl was assisted by Cappelli Rccd while Unicredit Bank AG by Legance; Ernst & Young acted as a consultant to UCL.
Finally, UniCredit notified the ECB of its intention to obtain the "Significant Risk Transfer" by 31 March 2021 in relation to the sale. At the same time, the bank communicates that it has received for the 6th consecutive year the rrecognition of Best Private Bank of Central and Eastern Europe for 2021 from Global Finance. Unicredit was also awarded as the best Private Bank 2021 in Bulgaria, in the Czech Republic and in Austria with Schoellerbank.
