owned by Raiffeisen Leasing, has securitised €320m of its assets in
the first deal of its kind by the Austrian-based international
lessor.
The move demonstrates an easing in the liquidity crisis,
although due to difficulties finding acquirers it took over a year
to complete.
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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.”
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By GlobalDataStandard and Poor’s gave €246.4m of the securitised assets a
triple A rating, €28.8m were A2 rated, and €33.6m 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 risk-aversion. Strong distribution and the
quality of the securitised portfolio are responsible for this
success.”
“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”, said Antonio
Mazzer, managing director of A-Leasing.
