PRECS will act as Master and Special Servicer on the transaction. This is the fifteenth securitization with the GACS guarantee managed by Prelios.
Prelios Credit Servicing engaged as Master and Special Servicer on the securitization of the “Spring” distressed loan portfolio closed by the BPER Group on June 18.
The distressed loan portfolio – with a payable gross value of 1.4 billion euro and consisting 57% of secured credits – has a senior tranche with a rating and structural characteristics eligible for the approval and activation of the Italian State’s GACS guarantee.
“The ‘Spring’ securitization is our third transaction with the BPER Group after the ‘4Mori’ and the ‘Aqui’ operations,” said Marco Monselesan, director Portfolio Management & NPL underwriting at Prelios Credit Servicing. “Despite the complexities of the Covid-19 emergency, Prelios has contributed to the closing of this important transaction for the de-risking plan of the BPER Group, whose gross distressed loan stock is back to pre-crisis levels and has been cut by around 70% in the last four years.”
Marco Monselesan pointed out that “this is the fifteenth public securitization with the GACS guarantee managed by Prelios, and the second to be announced since the end of the lockdown. We are very pleased to have contributed to the realization of the ‘Spring’ transaction and we believe that our track record, together with our solid performance, were factors in the positive valuation of the ratings agencies.”