Hogan Lovells advises Banca Progetto on the securitization of loans to small and medium enterprises

Press releases | 19 December 2022

Milan, 19 December 2022 – Global law firm has advised Banca Progetto, a challenger bank specializing in services for Italian small and medium enterprises and private clients, in a securitization transaction concerning underlying portfolios of loans provided by the bank to Italian small and medium enterprises guaranteed by the Guarantee Fund.

The transaction was structured by co-arrangers BNP Paribas and Banca Progetto, and it was completed through the special purpose vehicle Progetto PMI S.r.l.. The securities were issued in two classes with a variable funding structure: a senior class for a maximum amount of €750 million underwritten by a conduit emanating from the BNP Paribas arranger, and a junior class, fully underwritten by Banca Progetto, for a maximum amount of €250 million.

Banca Progetto, which also serves as servicer, also relied on Banca Finanziaria Internazionale and BNP Paribas Securities Services for management roles.

The Hogan Lovells team was led by partner Corrado Fiscale with support from associates Diego Guardì, Diego Del Principe and trainee solicitor Federico Mariani.