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:

(1) https://www.moodys.com/research/Moodys-assigns-definitive-ratings-to-2-new-Italian-CDQ-ABS--PR_434225 open in new window
(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





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