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Banca per la Casa SpA launched successfully Cordusio RMBS 3 - UBCasa 1 Srl

Banca per la Casa SpA launched successfully Cordusio RMBS 3 - UBCasa 1 Srl, a securitisation of Italian performing residential mortgage for Eur 2.5 billion

Cordusio RMBS 3 Srl launched a securitisation of a portfolio of residential mortgages in bonis sold by Banca per la Casa SpA, the bank of UniCredit Group, belonging to the Retail Division, specialist in the business of mortgages to individual/private customers and leader in the market among specialised banks.
With a total amount of Eur 2.5 bln, this transaction represents the third RMBS securitisation issued in Italy by UniCredit Group after the maxi-transaction of EUR 3 bln priced in April 2005 and the transaction of over EUR 2.5 bln priced in June of current year.
UniCredit Markets & Investment Banking (acting through UniCredit Banca Mobiliare SpA) was the Sole Arranger of the transaction. The Notes were placed on the market by Citigroup Global Markets, The Royal Bank of Scotland and UniCredit Markets & Investment Banking (acting through Bayerische Hypo und Vereinsbank AG and UniCredit Banca Mobiliare SpA) who acted as Joint Lead Managers and Joint Book Runners.
The transaction was presented to investors through a roadshow in the main European financial centres (Dublin, Paris, London, Milan).
The terms of the Notes are as follows:
Class A1: Eur 600 mln, rating Aaa/AAA/AAA (Moody's/S&P/Fitch), expected weighted average life 1.88 yrs, coupon 3M Euribor + 7bps
Class A2: Eur 1,735 mln, rating Aaa/AAA/AAA (Moody's/S&P/Fitch), expected weighted average life 8.9 yrs, coupon 3M Euribor + 16 bps
Class B: Eur 75 mln, rating Aa1/AA/AA (Moody's/S&P/Fitch), expected weighted average life 17.12 yrs, coupon 3M Euribor + 26 bps
Class C: Eur 25 mln, rating A1/A+/A+ (Moody's/S&P/Fitch), expected weighted average life 17.12 yrs, coupon 3M Euribor + 40 bps
Class D: Eur 48 mln, rating Baa2/BBB+/BBB+ (Moody's/S&P/Fitch), expected weighted average life 17.12 yrs, coupon 3M Euribor + 73 bps

The Notes, with a legal maturity in 2042, will be listed on the Irish Stock Exchange.
A Junior Class of Notes of Eur 12.97 mln, not listed and unrated, was totally retained by the Originator.
About 90 investors participated to the operation. All the Classes have satisfied a demand bigger than the amount offered; at the closing time, Class A1 resulted to be 1.5 x covered, Class A2 1.2 x covered, Class B fully covered, Class C 1.4 x covered, Class D 3 x covered.
The geographic distribution of the allocated orders resulted to be particularly diversified; along with Italian investors, English, German, Belgian, Dutch, Irish and French investors participated significantly.
The transaction is consistent with the UniCredit Group's strategy to diversify funding sources, sustaining its own asset growth.


Enquiries:

Media Relations:
+39 02 88628236; e-mail: MediaRelations@unicreditgroup.eu
Investor Relations:
+39 02 88628715; e-mail: InvestorRelations@unicreditgroup.eu