Prelios Credit Servicing – a company in the Prelios Group with assets under management for more than 30 billion Euro – is to act as Master and Special Servicer on the "Maggese" operation arranged by Banca di Asti and Biver Banca (Cassa di Risparmio di Asti group) for the securitization of a portfolio of non-performing loans acquired by the corporate vehicle Maggese S.r.l. on July 16, 2018.
The CR Asti group's securitization operation concerns a portfolio of non-performing loans, for the most part mortgage loans, with an overall gross exposure of 697 million Euro. The securitization has been structured in order to obtain the Italian State's GACS guarantee on the senior debt, pursuant to Legislative Decree 18/016. The senior, mezzanine and junior notes were issued today.
On completion, the operation launched by the CR Asti group will be the eighth GACS guarantee in Italy effected through Prelios Credit Servicing. “This is further confirmation of Prelios’ absolute leadership in public operations,” commented Prelios Group CEO Riccardo Serrini. The GACS guarantee is the best tool for management of non-performing loan portfolios: “Since 2016, securitization with the state guarantee has given NPL management a decisive boost,” Serrini added. “Hopefully for Italy's banking system it will be renewed and also extended to the Unlikely to Pay and leasing sectors.”