Sunny day in Piazza Affari for the title Unicredit, which in the middle of the morning travels up by 3%, to 12,332 euros, achieving the best increase of the Ftse Mib. The wave of purchases on the Stock Exchange was not triggered by the quarterly accounts - which will be published tomorrow morning after today's approval by the Board of Directors - but by the announcement of the most important residential NPL securitization project in Europe.
The Bank said in a statement that it has “completed the sale of a portfolio of gross non-performing residential mortgages worth 4,1 billion (6,1 billion 'total credit') to the vehicle company Prisma spv through an operation of securitization structured by Unicredit Bank Ag". Non-performing mortgages – assisted in large part by real estate guarantees – are distributed throughout the Italian territory.
In detail, "Prisma has issued three classes of securities – continues the Bank – 1,21 billion senior, 80 million mezzanine and euro30 million junior. The senior and mezzanine notes were rated Baa1 and B3 respectively by Moody's and BBB+ and B- respectively by Scope. The securitization was structured in compliance with the requirements dictated by the new Gacs law issued on 25 March 2019 in order to be able to request the state guarantee for the senior note".
Not only that: Unicredit has also sold "95% of the mezzanine and junior notes to a financial institution not belonging to the group", while it will retain "5% as originator as a net economic interest required by the relevant legislation".
Italian landowner e doValue were masters and special servicers of the securitization, while Securitization Services Spa (of the Banca Finint group) is Monitoring Agent, Calculation Agent, Representative of Noteholders and Back-up Servicer Facilitator.
Unicredit Bank AG and JP Morgan acted as placement agents of the mezzanine and junior. UniCredit Bank AG also acts as swap counterparty and provides the liquidity facility for Prisma. Finally, UniCredit notified the ECB “of its intention to obtain the significant risk transfer by the end of December 2019”.
