Category: Capital Relief Trades ABS
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Intesa Sanpaolo has printed an innovative risk transfer transaction - and the largest to date - from its GARC programme, with Banca IMI acting as arranger. The €2.5bn GARC SME-5 synthetic securitisation references a granular portfolio of Italian SME loans.
According to Elisabetta Bernardini, head of credit portfolio management at Intesa Sanpaolo: "This was an innovative structure, since it was completed through a limited recourse loan, provided for funded first loss protection in favour of Intesa Sanpaolo - as per article 7 comma 1 letter A) of the law 130/99 - for an amount equal to 95% of the junior notes."
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