November, Banca Italease last month completed another similar
transaction valued at an almost unprecedented €1.38 billion.
will be used for refinancing deals with the European Central
Bank.
This deal – which followed a €500 million securitisation of
residential mortgages in November – is part of a new development
strategy aimed at a revision of the company’s industrial plan.
At the end of December, the Italian union for the credit and
insurance sector, Uilca, after a meeting with Banca Italease’s
management board, confirmed that the new industrial plan will be
presented by March 2009.
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Banca Italease has been forced to rethink how to fund new
business following the unexpected end of talks with German-based VR
Leasing, the DZ Bank subsidiary which had planned to complete a
joint venture (JV) with the Italian lessor by the end of 2008. In a
letter of intent signed last year, the two companies had agreed to
form a JV which was aimed at providing a long-sought relief to the
troubled Italian lessor, and in which for €363 million VR Leasing
would have acquired a 60 percent stake in the business.
Banca Italease underwrote all the securities in last month’s
giant securitisation. They include a special-purpose company,
Italfinance Securitisation Vehicle 2, containing €1.03 billion of
senior securities, which has an AAA rating from Standard &
Poor’s, and junior securities underwritten by the lessor and its
two subsidiaries, Italease Network and Mercantile Leasing.
BNP Paribas, Finanziaria Internazionale and Natixis acted as
arrangers.
JPMorgan was the arranger in the November securitisation, which
also took place to raise collateral for refinancing transactions
through the European Central Bank. Securities in this deal have
been given an AAA rating by Moody’s.
