The banking and finance team of Baker McKenzie assisted Sardaleasing SpA (BPER Leasing) in all legal and tax aspects in relation to the execution of a new securitization of performing loans deriving from financial leasing contracts in the real estate, instrumental, nautical and energy sectors for a total value of EUR 1.8 billion.
The transaction was funded through the issuance of limited-recourse securities listed for the senior part on the Dublin Stock Exchange rated A (high) (sf) by DBRS and A (sf) by S&P and structured in order to provide a guarantee for the monetary policy operations program of the parent company BPER Banca SpA at the European Central Bank. The transaction was preceded by the delisting and early redemption of the securities previously issued in the context of the securitization carried out in 2018, where Sardaleasing S.p.A. repurchased the related loan portfolio in order to contribute to increasing its loans for the new issue.
The transaction was again confirmed as strategic for BPER Banca in optimizing its group liquidity through the assets of the leasing segment and despite the moment of market volatility following the adoption of the moratorium due to COVID-19, it recorded a clear improvement in the tranching of the securities compared to the previous transaction in November 2018.
The Baker McKenzie team was led by Counsel Carlo Lichino, with the assistance of Camilla Bassi and Francesco Ciociola and the involvement of Counsel Francesco Florenzano and Senior Associate Marzio Bucciol for tax aspects.
The financial advisor and arranger of the transaction was Zenith Service S.p.A. who also performed the roles of corporate servicer, master servicer and calculation agent.
The transaction was funded through the issuance of limited-recourse securities listed for the senior part on the Dublin Stock Exchange rated A (high) (sf) by DBRS and A (sf) by S&P and structured in order to provide a guarantee for the monetary policy operations program of the parent company BPER Banca SpA at the European Central Bank. The transaction was preceded by the delisting and early redemption of the securities previously issued in the context of the securitization carried out in 2018, where Sardaleasing S.p.A. repurchased the related loan portfolio in order to contribute to increasing its loans for the new issue.
The transaction was again confirmed as strategic for BPER Banca in optimizing its group liquidity through the assets of the leasing segment and despite the moment of market volatility following the adoption of the moratorium due to COVID-19, it recorded a clear improvement in the tranching of the securities compared to the previous transaction in November 2018.
The Baker McKenzie team was led by Counsel Carlo Lichino, with the assistance of Camilla Bassi and Francesco Ciociola and the involvement of Counsel Francesco Florenzano and Senior Associate Marzio Bucciol for tax aspects.
The financial advisor and arranger of the transaction was Zenith Service S.p.A. who also performed the roles of corporate servicer, master servicer and calculation agent.
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