€320m deal
A-Leasing, an Italian company part owned by Raiffeisen Leasing,
has securitised €320m of its assets in the first deal of its kind
by the Austrian-based international lessor.
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The move demonstrates an easing in the liquidity crisis,
particularly as it has taken over a year to complete because of
difficulties finding acquirers.
A-Leasing, 49 per cent of which is owned by Raiffeisen Leasing
and the remainder by regional arms of Raiffeisen, has built up
considerable assets in the seven years since its launch. The
company’s high level of outstandings was the main reason for its
decision to reduce the size of its book.This helped to bring it in
line with capital adequacy requirements dictated under Basel
II.
A-Leasing, which has 65 staff and some €80m of assets, finances
most equipment apart from cars and sources a large chunk of its
business through brokers. It is a key player in the Italian boat
leasing market.
Commenting on the deal, a Raiffeisen Leasing spokesman said:
“First talks on the deal took place in June 2007. We had the rating
in September, but then there was the liquidity crisis which made it
difficult to place the deal in the market.”
Standard and Poor’s gave €246.4m of the securitised assets a
triple A rating,€28.8m were A2 rated, and €33.6m received a
BAA2/BBB rating.
Hager and Partners provided legal, tax and accountancy advise on
the deal while BNP Paribas acted as joint arrangers. The acquirers
have not been disclosed. Patrick Butler, a member of the Raiffeisen
board responsible for treasury and global markets, said: “This deal
represents one of the few securitisation transactions successfully
placed with investors under current market conditions.
“It underlines our ability to execute large scale
transactions despite the current riskaversion. Strong distribution
and the quality of the securitised portfolio are responsible for
this success.”
Antonio Mazzer, managing director of A-Leasing, said: “This
transaction is the first securitisation for A-Leasing and will
support the further expansion of its activities in the Italian
market. Accessing the securitisation rounds out our funding
strategy and this deal will be followed by others.”
Brendan Malkin
