Alantra advises UniCredit on a €2.2bn NPL securitisation

Feb 2022

Securitisation - Sole financial advisor

Value €2.2 billion

Milan – Alantra, the global investment banking and asset management specialist, is pleased to announce that it has acted as sole financial advisor to UniCredit S.p.A. (“UniCredit”) on the securitisation of a €2.2 billion NPL portfolio, backed by the GACS guarantee.

The securitised portfolio comprised NPL exposures with a total claim amount of € 2.2 billion, where the underlying loans consisted of secured (mortgages) and unsecured exposures. The NPL loans were sold to a special purpose vehicle, OLYMPIA SPV S.r.l. (“OLYMPIA”), through a securitisation backed by the GACS guarantee. Following the sale of the NPLs, Olympia issued senior notes for € 261 million, rated Baa2 by Moody’s and BBB by Scope and S&P. It also issued mezzanine and junior notes for €26.1 million and €2.9 million, respectively.

The transaction encompassed tight deadlines and required a timely execution and coordination of all work streams. Alantra supported UniCredit on data enablement and on the execution of a benchmark transaction within the envisioned deadlines.

Renato Limuti, Managing Director and leader of Alantra CPA’s Italian team added, “After the successful closing of the sale of a private individual unsecured NPL portfolio in June, we are honoured to have worked again with UniCredit on one of the largest GACS-backed transactions executed in 2021. This further underpins our presence in the Italian market as a leading player on portfolio disposals, structured finance and securitisations, and as a full-fledged specialist advisor for banking and non-banking financial institutions.”