Securitization for a gross book value of one billion euro, with the Italian State's GACS guarantee to be requested for the senior tranche.
Prelios Credit Servicing acted as Master and Special Servicer on the ‘Diana’ securitization transaction closed by Banca Popolare di Sondrio on June 17.
The distressed loan portfolio with a gross value of 999.7 million euro – consisting 74% 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.
“We are very pleased to have completed the ‘Diana’ transaction with Banca Popolare di Sondrio,” said Prelios Group CEO Riccardo Serrini. “This is the fourteenth public GACS securitization managed by Prelios, and the first one in the post Covid19 emergency period.” Despite the difficulties of recent months, said Serrini, “Prelios helped complete this important transaction for Banca Popolare di Sondrio's derisking program. Attention to Prelios’ solid performance and operating machine, as well as our consolidated track record and, of course, the quality of the transferred credits and the congruity of the information received were the basis for the valuations of the ratings agencies and all the transaction's stakeholders."
