Hogan Lovells in the first public securitization of Banca Progetto

May 10, 2021 - International law firm Hogan Lovells have advised Banca Progetto and BNP Paribas as co-arrangers in the securitization of a portfolio of loans secured by one fifth of the salary or pension and by payment delegation (for a nominal value of approximately Euro 360 million).

The transaction was structured in compliance with the European regulation on "Simple, Transparent and Standardised" (STS) securitisations (EU 2017/2402).

The Senior securities were admitted to trading on the professional segment (ExtaMOT PRO) of the multilateral trading facility "ExtraMOT" managed by Borsa Italiana S.p.A.

The Hogan Lovells team was led by partner Corrado Fiscale with support from associates Diego Guardì, Alessandro Azzolini and trainees Pietro Castoldi and Alessia Cipitì on Italian law aspects. Partners James Doyle and Dennis Dillon and associate Ksenia Matveeva advised on English law aspects and counsel Serena Pietrosanti and the senior associate Maria Cristina Conte provided assistance with the tax aspects of the operation.

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