Baker McKenzie Advised Banco BPM on the First Maxi-securitization Under the STS EU Regulation

Baker McKenzie assisted Banco BPM in respect of all legal and tax aspects related to executing the first securitization of performing loans granted to small and medium-sized enterprises (SMEs) carried out in compliance with the European legislation on simple, transparent and standardized (STS) securitizations for a total value of EUR 2.5 billion.

The securitization has been funded through BPL Mortgages' issuance of limited-recourse securities, listed for the senior tranche of the Italian Stock Exchange and structured to provide eligible collateral to Banco BPM in accordance with the monetary policy guidelines issued by the European Central Bank.

The Baker McKenzie team was led by Counsel Carlo Lichino, with the assistance of Associates Camilla Bassi and Alessandro Catania and the involvement of Counsel Francesco Florenzano and Senior Associate Marzio Bucciol for the tax aspects.