Cordusio RMBS Securitisation S.r.l. ("Cordusio RMBS 4") is securitizing a portfolio of prime residential mortgages sold by UniCredit Banca S.p.A. demonstrating the UniCredit Group's strong growth in mortgage lending. The Retail Division of the UniCredit Group, which includes UniCredit Banca S.p.A, exceeds 18% market share of the Italian housing loans sector.
With a total amount of € 3.9 bln, Cordusio RMBS 4 constitutes a further important step in building the UniCredit Group's securitisation platform. As the largest RMBS transaction within the group and the Italian market, the transaction is providing investors with solid secondary market liquidity.
HVB, member of UniCredit Group representing the Markets & Investment Banking division, structured the transaction and acted as joint lead and book runner together with Lehman Brothers and Société Générale Corporate & Investment Banking.
The offer includes 7 tranches throughout the whole capital structure (AAA to BB). The notes legally maturing in 2040 will be listed in the Irish Stock Exchange.
The transaction met strong investor demand with all tranches having been multiple times oversubscribed.
About 200 investors, mainly banks (68%) and funds (29%) participated in the transaction; the notes were primarily distributed amongst investors in UK (32%), France (24%), Benelux (15%) and Germany (11%).
The transaction was offered following an intense investor roadshow within main European financial centres (Dublin, London, Milan, Paris).
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