SRT market update

IBL Banca has completed a €1.2bn synthetic securitisation referencing a portfolio of CQS (Italian salary and pension-backed) loans. The transaction includes a mezzanine tranche of approximately €70-€80m. The issuer placed the deal with international credit funds via an SPV

This is the first transaction in Italy to combine STS certification with publicly placed notes, without requiring a counter-guarantee from the originator.

The deal is expected to free up capital for further growth, including the bank’s pending acquisition of Creditis, currently awaiting regulatory approval.

Both Intesa Sanpaolo’s IMI CIB division and UniCredit acted as co-arranger and placement agent. KPMG served as advisor.  

Nadezhda Bratanova