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UniCredit Leasing launched a new leasing securitization for € 1.3 billion

 to support small and medium-sized Italian companies

It is  the first public operation originated by UniCredit Leasing on the Italian ABS market since the beginning of the crisis

 

 

UniCredit Leasing has launched a new leasing securitization for approximately € 1.3 billion.

 

This issue represents the thirteenth leasing securitization made ​​by UniCredit Leasing (including the former Fineco Leasing), the ninth operation of this asset class, placed to institutional investors, as well as the first originated by UniCredit Leasing, leader in Italy and Europe in the securitization of leasing loans, on the Italian ABS market since the beginning of the crisis.

 

The operation relates to performing loans arising from lease payments transferred to the SPV Locat SV Srl (the issuer), and has the involvement of the European Investment Bank, KFW and Société Générale as investors and the European Investment Fund as guarantor of the senior Class A1 purchased by KFW.

                                                                             

This transaction represents for UniCredit a great funding opportunity both in terms of cost and diversification of its funding sources and investors base. It is part of the initiatives that the European Investment Bank and its European Investment Fund put in place to support small and medium-sized Italian companies.

The funding obtained will be used by UniCredit Leasing for additional financing to small and medium-sized Italian companies at  favorable conditions.

The structuring of the transaction was carried out by UniCredit Bank AG, as Sole Arranger, and Clifford Chance as legal advisor.

 

The securities issued in the form of partly paid Notes, have the following characteristics:

 

Class A1: € 90 million, rating AA + (sf) / A2 (sf), respectively, from Fitch Ratings and Moody's Investor Services, weighted average expected life 2.7 years, purchased by KFW and guaranteed by the European Investment Fund

Class A2: € 400 million, rating AA + (sf) / A2 (sf), respectively, from Fitch Ratings and Moody's Investor Services, weighted average expected life 3.6 years, purchased by the European Investment Bank

Class A3: € 225 million, rating AA + (sf) / A2 (sf), respectively, from Fitch Ratings and Moody's Investor Services, weighted average expected life 3.6 years, purchased by Société Générale Capital Market Finance S.A. (Société Générale Group) and UniCredit SpA

Class B junior: € 585 million, with no rating, underwritten by UniCredit Leasing

 

The bonds, with a legal maturity December 2036, will be listed on the Irish Stock Exchange.

 

 

Milan, 15th September 2014