Prelios Credit Servicing – a Prelios Group company that boasts a total of Euro 26 billion of Assets Under Management – will serve as Master and Special Servicer in the "4 Mori" operation of Banco di Sardegna (BPER Group) to securitize a portfolio of non-performing loans transferred to the vehicle 4Mori Sardegna S.r.l. on 7 June 2018.
The object of the Banco di Sardegna securitization transaction is a portfolio of non-performing loans, more than 50% of which secured, having a total gross exposure of roughly Euro 1 billion. The structure of the securitization is aimed at obtaining GACS - the Italian government guarantee - on senior securities pursuant to Italian Legislative Decree no. 18/2016. The senior, mezzanine and junior securities were issued today.
Once finalised, the transaction started by Banco di Sardegna will be the sixth GACS in Italy thanks to the role played by Prelios Credit Servicing. "The Prelios Group is confirmed leader in identifying the best solutions for the NPLs of the Italian banking system,” said Riccardo Serrini, CEO of the Prelios Group and of PRECS. “The public guarantee on securitizations with GACS is the best way to dispose of non-performing loan portfolios at prices higher than the market prices every time, even in a more volatile market. The measure was passed in 2016 and it gave a decisive boost to NPL management. This is why the renewal of the GACS would be an extremely important result for the Italian banking system, as would be its extension to UTP and leasing as well.”