Assemblea degli Azionisti Gruppo ViViBanca approva Bilancio d'Esercizio 2024 della Capogruppo
INFORMAZIONI FINANZIARIE
Operazioni di cartolarizzazione
Operazioni di cartolarizzazione
La cartolarizzazione è un'operazione finanziaria con la quale si possono smobilizzare attività ottenendo liquidità.
Le attività (crediti nel caso specifico) vengono cedute ad una società SPV (Special Purpose Vehicle), che emette dei titoli di debito a fronte del pagamento delle attività acquistate da quest’ultima.
Per tale ragione, rischi e benefici (rendimenti), essendo stati trasferiti all'SPV, risultano direttamente in capo ai sottoscrittori dei titoli (Senior Notes e Junior Notes).
Di seguito si riportano le operazioni poste in essere da ViViBanca S.p.A. unitamente ai rispettivi report.
Eridano SPV
Portfolio | Salary assignment Loans originated by ViViBanca |
---|---|
Outstanding Principal Balance as at end ramp up | 178.791.873 EUR |
Outstanding Principal Balance as at 30 June 2017 (rating date) | 125.556.817 EUR |
Issuer | Eridano SPV S.r.l. |
Originator | ViViBanca S.p.A. |
Servicer | ViViBanca S.p.A. |
Back-up Servicer | Zenith Service S.p.A. |
Corporate Servicer | Zenith Service S.p.A. |
Calculation Agent | Zenith Service S.p.A. |
Representative of Noteholders | Zenith Service S.p.A. |
Account Bank | BNP Securites Services, Milan branch |
Paying Agent | BNP Securites Services, Milan branch |
Arranger | Natixis |
Interest Rate Cap Provider | Natixis, London Branch |
Dettaglio sulle note emesse
Definizione | Class A Notes | Class J Notes |
---|---|---|
Notes on Issue Date | 200.000.000 | 65.000.000 |
Currency | EUR | EUR |
Final Legal Maturity Date | December 2032 |
December 2032 |
Listing (3) | Luxembourg | Unrated |
ISIN code | IT0005188427 | IT0005188682 |
Tranching | 87% | 13% + Reserves |
Spread / Rate per annum | Ramp up: Euribor 1M (floor -10 bps) + 125 bps Amortisation: Euribor 1M (floor -25 bps) + 150 bps |
Min 200 bps |
Payment Frequency | 28th of each Month | 28th of each Month |
Type of Amortisation | Amortising | Amortising |
Moody's Rating on Issue Date (1) | Aa2 | Unrated |
DBRS Rating on Issue Date (2) | A (High) | Unrated |
Moody's Current Rating | Aa3 | Unrated |
DBRS Current Rating (4) | AA | Unrated |
LEGENDA:
(1) https://www.moodys.com/research/Moodys-Investors-Service-assigns-Aa2sf-rating-to-Italian-CDQ-ABS--PR_370415open in new window
(2) http://www.dbrs.com/research/314103/dbrs-assigns-rating-to-eridano-spv-s-r-l.htmlopen in new window
(3) https://www.bourse.lu/security/IT0005188427/254386 open in new window
(4) https://www.dbrsmorningstar.com/research/377156/dbrs-morningstar-confirms-rating-of-eridano-spv-srlopen in new window
Eridano II SPV
Portfolio | Salary assignment Loans originated by ViViBanca |
---|---|
Outstanding Principal Balance as at 31 October 2020 (rating date) | 354.836.414,30 EUR |
Issuer | Eridano II SPV S.r.l. |
Originator | ViViBanca S.p.A. |
Servicer | ViViBanca S.p.A. |
Back-up Servicer | Quinservizi S.p.A. |
Corporate Servicer | Securitisation Services S.p.A. |
Calculation Agent | Securitisation Services S.p.A. |
Representative of Noteholders | Securitisation Services S.p.A. |
Account Bank | BNP Paribas Securites Services, Milan branch |
Paying Agent | BNP Paribas Securites Services, Milan branch |
Arranger | Société Générale |
Joint Lead Manager | Intesa Sanpaolo (IMI CIB) |
Dettaglio sulle note emesse
Definizione | Class A Notes | Class B Notes | Class J Notes |
---|---|---|---|
Notes on Issue Date | 324.700.000 | 25.400.000 | 83.520.000 |
Currency | EUR | EUR | EUR |
Final Legal Maturity Date | May 2035 | May 2035 | May 2035 |
Listing (4) | Luxembourg | Luxembourg | Unrated |
ISIN code | IT0005422719 | IT0005422727 | IT0005422735 |
Status/Type | STS Italian CQ ABS | ||
Tranching | 89,5% | 7% | 3,5% + Reserves |
Spread / Rate per annum (Ramp up/ Amortisition) | Euribor 1 M (no floor) + 80 bps | Euribor 1 M (floor to zero) + 300 bps | Min 600 bps |
Payment Frequency | 28th of each Month | 28th of each Month | 28th of each Month |
Type of Amortisation | Amortising | Amortising | Amortising |
Moody's Rating on Issue Date (1) | Aa3 | A2 | Unrated |
DBRS Rating on Issue Date (2) | AA (low) | A | Unrated |
Scope Ratings – Rating on Issue Date (3) | AA+ | A | Unrated |
DBRS Current Rating (5) | AA (high) | AA | Unrated |
Scope Ratings - Current Rating (6)(7) | AAA | AA | Unrated |
Moody’s - Current Rating (8) | Aa3 | Aa3 | Unrated |
LEGENDA:
(2) https://www.dbrsmorningstar.com/research/368781/eridano-ii-spv-srl-rating-report open in new window
(3) https://www.scoperatings.com/#!search/research/detail/165429EN open in new window
(4) https://www.bourse.lu/security/IT0005422719/313739 open in new window
(5) https://dbrs.morningstar.com/research/446362/morningstar-dbrs-upgrades-and-confirms-credit-ratings-on-three-italian-salary-assignment-transactions open in new window
(6) https://www.scoperatings.com/#!search/research/detail/168994EN open in new window
(7) https://scoperatings.com/ratings-and-research/rating/EN/177348 open in new window
(8) https://www.moodys.com/researchandratings/region/europe/italy/042005?tb=0&po=111&ol=-1&lang=en open in new window