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Locat SpA successfully launched its 4th leasing ABS



Locat SpA successfully launched its 4th leasing ABS in size of EUR 2 bln - strengthening the European leadership of UniCredit Group in securitization

Locat is the leader in global leasing securitization in Europe. With a total amount of approximately EUR 2 bln, this transaction represents the fourth publicly offered securitization of this type in Italy by UniCredit Group.

Locat is leader in leasing Italian market and is entirely owned by UniCredit Group.

The transaction is securitizing of performing leasing receivables sold to the vehicle Locat SV Srl (the issuer).

UniCredit Markets & Investment Banking (acting through UniCredit Banca Mobiliare SpA) is the Sole Arranger of the transaction. The Notes are placed among international investors by Joint Lead / Joint Book Runners HSBC Bank plc, Merrill Lynch International, and UniCredit Markets & Investment Banking (acting through Bayerische Hypo und Vereinsbank AG and UniCredit Banca Mobiliare SpA).

The transaction is following a broad investor roadshow across the main European financial centres (Milan, London, Paris, Dublin, Frankfurt).

The terms of the Notes are as follows:

Class A1: Eur 400 mln, rating Aaa/AAA (Moody's/S&P), expected weighted average life 1.99 yrs, coupon 3M Euribor + 8 bps

Class A2: Eur 1,348 mln, rating Aaa/AAA (Moody's/S&P), expected weighted average life 4.93 yrs, coupon 3M Euribor + 16 bps

Class B: Eur 152 mln, rating A2/A (Moody's/S&P), expected weighted average life 10.72 yrs, coupon 3M Euribor + 35 bps

Class C: Eur 64 mln, rating Baa2/BBB (Moody's/S&P), expected weighted average life 10.75 yrs, coupon 3M Euribor + 60 bps

The Notes, with a legal maturity in 2028, will be listed on the Irish Stock Exchange.

About 90 investors participated in the transaction. At closing, Class A1 was 1x subscribed, Class A2 2.3x oversubscribed, Class B 1x and Class C 2x covered.

The geographic distribution of the allocated orders resulted to be particularly diversified, along with French investors, German and English investors participated significantly.

The transaction is further strengthening UniCredit Group's strategy to broaden its funding sources in terms of investor as well as product diversity, hence providing a cost efficient, long term funding of its asset growth.


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