Unicredit sold €2,2 billion of total claims on a non-performing portfolio of mortgage and unsecured loans to the special purpose vehicle Olympia. The Bank announces it in a note, specifying that the operation was carried out through a securitization structured by Unicredit Bank AG as Sole Arranger. This is the third Gacs transaction for Unicredit (the fourth for Unicredit Group) and is part of the Non-Core Portfolio Run-down finalization programme.
Olympia has issued three classes of notes: €261m senior, €26,1m mezzanine and €2,9m junior. The senior notes have received a Baa2 rating from Moody's and a BBB rating from Scope and S&P. "The securitization was structured in compliance with the requirements established by the Gacs law (Guarantee on Bad Securitizations) in order to be able to request the state guarantee for the senior note", reads the note.
Furthermore, Unicredit has just accepted a binding offer for the sale of 95% of the mezzanine and junior notes to a financial institution not belonging to the Unicredit Group, while it will retain the 5% as originator as net economic interest required by the relevant legislation .
Italfondiario and doValue act respectively as Master and Special Servicer of the securitization while Banca Finanziaria Internazionale covers the roles of Monitoring Agent, Calculation Agent, Representative of Noteholders and Back-up Servicer Facilitator.
Unicredit Bank AG acted as Placement Agent and Settlement Agent of the mezzanine and junior. Unicredit Bank AG also acts as Swap Counterparty and provides the liquidity facility for Olympia. Finally, Unicredit notified the European Central Bank of its intention to obtain the "Significant Risk Transfer" by the end of December 2021.
By mid-morning, the Unicredit stock on the Stock Exchange gained 1,12%, to 10,612 euros.
