Hogan Lovells advises on the renewal of IBL Banca €10 billion securitisation programme and the Series 12 asset-backed securities (ABS) issuance

Press releases | 15 November 2023

Milan, 15 November 2023 - Global law firm Hogan Lovells has advised on the renewal of IBL Banca’s €10 billion securitisation programme and a finance transaction involving the issuance of the Series 12 ABS thereunder.

The programme was launched by IBL Banca in 2017 through the use of the special purpose vehicle Marzio Finance S.r.l. (SPV) as buyer of the securitised receivables and issuer of the ABS. It involves a particular type of Italian consumer loans, being personal loans repayable through part of the borrowers' salary (with either the assignment of the salary to the SPV or the delegation of payment of it to the SPV by the employer).

The Series 12 ABS were issued for a total amount of approximately €360 million. The Class A securities received ratings from DBRS, Moody's and Scope, were listed on the Luxembourg Stock Exchange and placed in the market. The Class J securities were neither rated nor listed.

IBL Banca and UniCredit Bank AG has acted as Co-Arrangers. UniCredit Bank AG and Intesa Sanpaolo IMI CIB has acted as Joint Lead Managers for the Class A Securities.

The transaction has been structured in accordance with Law 130/1999 (the Italian securitisation law) and in compliance with requirements of “simplicity”, “transparency” and “standardisation” (STS) provided by the European regulation on securitisations (Reg. EU 2017/2402). Prime Collateralized Securities (PCS) EU SAS has acted as third party verifier of these requirements.

Hogan Lovells assisted the Joint Lead Managers (UniCredit Bank AG and Intesa Sanpaolo IMI CIB Division) with a team led by partner Federico Del Monte, with support from associates Serena Tonello and Pietro Grieco, and trainee Anita Lucchini.