Unicredit has reached an agreement with Mariner Investment Group for the transfer of the risk relating to a portfolio of project finance loans disbursed in Italy for 910 million euros. The Piazza Cordusio institute communicates this in a note, specifying that the objective is to further optimize the allocation of capital, in line with the strategy pursued to improve risk-adjusted profitability. The capital that will be made available after the transaction will be reused in the development of new business.
The risk (the junior credit linked notes) was purchased by two funds managed by Mariner, a US asset manager specializing in credit and infrastructure: International Infrastructure Finance Company Fund and Mariner Breakwater.
The transaction was structured by UniCredit Bank AG with the legal advice of Riolo Calderaro Crisostomo and DLA Piper. Freshfields has instead assisted the buyers.
One hour after the opening, the Unicredit stock on the Stock Exchange is up by one percentage point.
