Hogan Lovells assisted Alba Leasing in its first STS securitisation

Milan – July 2020, International law firm Hogan Lovells has advised Alba Leasing S.p.A., a leading Italian company in the field of financial leases, on a new STS securitisation transaction for nominal value of approximately 1.250 billion Euro.

The transaction was arranged by Banca IMI S.p.A., the investment bank of the Intesa Sanpaolo Group, with Société Générale and Banca Akros S.p.A. (Banco BPM Group) acting as Joint Arrangers. The European Investment Bank acted as the investor.

The transaction was carried out by the securitisation company Alba 11 SPV S.r.l. by issuing two classes of "senior" notes, two classes of "mezzanine" notes and one class of "junior" notes for an overall value of approximately 1.260 billion euro. The “senior” and “mezzanine” classes were rated by Moody’s, DBRS and Scope and were listed on the Irish Stock Exchange. This issue is the first securitisation transaction carried out by Alba Leasing in compliance with the European regulation on "Simple, Transparent and Standardised" (STS) securitisations.

The Hogan Lovells team was led by Milan- based partner Corrado Fiscale, assisted by counsel Giulia Arenaccio and Eugenio Sabino and Alessia Cipitì.

Commenting on the deal, Corrado said: "We are delighted to have supported Alba Leasing on its first STS securitization, which we expect to be the first of many similar transactions for Alba Leasing."

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