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October 30, 2017updated 02 Nov 2017 12:43pm

Alba Leasing securitises €1.1bn of loans

Italian lessor Alba Leasing has securitised €1.1bn (£0.9bn) of credit from its performing leasing contracts.

By Lorenzo Migliorato

Italian lessor Alba Leasing has securitised €1.1bn (£0.9bn) of credit from its performing leasing contracts.

The securities were placed on the Irish Stock Exchange. The issue was managed by Societe Generale and Intesa Sanpaolo’s investment bank, Banca IMI.

The securities were issued in five tranches. The highest-scoring classes, rated Aa2 by Moody’s, constituted 63% of the offer. A2-rated securities accounted for 13%, Ba2-rated ones for 9% and unrated ones for 14%.

The European Investment Bank (EIB) group participated both as an investor, with the Bank itself underwriting the entirety of the second-highest-rated tranche, and as a guarantor, through the European Investment Fund.

Alba Leasing said that 24 institutional investors, 20 of which were foreign, participated in the issue. Orders placed for the senior tranche amounted to €1.1bn, against an availability of €478m.

The A2 and Ba2 securities were underwritten by Alba Leasing itself for the time being.

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