Programmatic issuance continues

Category: Capital Relief Trades ABS

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Intesa Sanpaolo last month returned to the risk transfer market with another GARC transaction. Dubbed GARC-SME 6, the €120m cash collateralised deal references a €2.5bn Italian SME portfolio.

The Banca IMI-arranged transaction has established Intesa Sanpaolo as a programmatic issuer, being the Italian lender's sixth GARC deal. According to Elisabetta Bernardini, head of credit portfolio management at Intesa Sanpaolo: "With the GARC programme, Intesa Sanpaolo developed a comprehensive framework to optimise the capital absorption profile of the bank's credit portfolio, in line with best practice at international level.

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