Hogan Lovells advised on the first automotive "7.2 securitization" in Italy on autovehicles

Milan, 28 June 2021 – International law firm, Hogan Lovells have advised the senior investors on a structured innovative securitization operation pursuant to Article 7.2 of the Italian Securitisation Law.

This is the first securitization in Italy carried out on registered movable assets (i.e. autovehicles) and amongst the first in Europe. It was made possible by a recent regulatory change of the Italian Securitisation Law which aimed to create innovation through the securitization of proceed deriving from registered movable assets and real estates.

The SPV purchases the autovehicles and carries out the relevant long term renting activity.

To finance the purchase of the auto vehicles the SPV issued asset backed securities. The senior tranche was subscribed by investment funds managed by Oaktree Capital Management L.P. and by P&G SGR. Phinance Partners acted as financial advisor to the senior investors.

The junior tranche was subscribed by Brumbrum, which also played the role of portfolio manager of the transaction. Brumbrum S.p.A. is the first Italian e-commerce company of used cars and at km 0.

The Hogan Lovells team was led by partner Corrado Fiscale, with the support of associates Diego Guardì and Alessia Cipitì.

Alantra Credit Portfolio Advisory acted as sole financial advisor assisting brumbrum S.p.A. in the financial structuring of the operation.

Banca Finint, whilst guaranteeing support to the implementation of the transaction, also played the role of master servicer, corporate servicer, representative of noteholders and computation agent, while Agenzia Italia was the back-up portfolio manager.

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