Monte dei Paschi di Siena Group (“BMPS”) has completed the securitization transaction for the sale of a bad loan portfolio of c. EUR 24.1 billion and obtained investment grade ratings on the senior tranche. (press release).
The senior tranche, worth R 2,918 million has received an Investment Grade Rating by 3 agencies:
- Moody’s Investors Service: A3
- Scope Ratings GmbH: BBB+
- DBRS: BBB
According to BDRS Press release
- the majority of loans in the portfolio defaulted between 2000 and 2017 and are in various stages of resolution.
- The receivables are serviced by Credito Fondiario S.p.A. (Credito Fondiario), Italfondiario S.p.A., Juliet S.p.A. (a joint venture between Cerved S.p.A. and the servicing platform of Banca MPS) and Prelios S.p.A. (collectively, the Special Servicers) with Credito Fondiario operating as the Master Servicer in the transaction
- Approximately 57.8% of the pool by GBV is secured and 51.0% of the secured loans by GBV benefit from a first-ranking lien.
- The secured loans in the portfolio are backed by properties located across Italy, with concentrations in the regions of Tuscany, Veneto, Lombardy and Campania.
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GLG – Gerson Lehrman Group – Council Member