Prelios Credit Servicing – a company in the Prelios Group, with assets under management for an overall total of more than 26 billion Euro – is to act as Master and Special Servicer on the non-performing loan securitization operation arranged by ICCREA Banca.
The operation announced on July 11, 2018 – with a gross book value of approximately 1 billion Euro – is the first multi-originator operation set up by ICCREA Banca, which will apply for the Italian State's GACS guarantee for the securitization. The operation was organized by the ICCREA Banca parent on June 25, with the involvement of 21 cooperative lending banks and two companies in the ICCREA banking group as originators. The reference portfolio, consisting largely of senior mortgage loans, enabled a significant level to be reached with the investment grade tranche.
The operation organized by ICCREA Banca is the seventh operation with the GACS guarantee on which Prelios Credit Servicing will act as Master and Special Servicer. “This is further confirmation of Prelios’ absolute leadership in public operations,” commented Prelios Group CEO Riccardo Serrini. “The success of these operations is rooted in the expertise of the Prelios Group team and the strength of our track record. Today there are 13 NPL securitization transactions with the public guarantee in the pipeline on the Italian market, and Prelios is working on 9 of them.” The GACS securitization guarantee “is in every case the best way to dispose of non-performing loan portfolios at better prices than those offered by the market,” Serrini added. “The guarantee was introduced in 2016 and has given a decisive boost to NPL management. This is why the extension of the GACS would be a hugely important result for the Italian banking system, as would its application to UTPs and leasing”.