- 2019/06/05
- 3 min
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2
Agos issued the first public STS securization in Italy
The acronym STS is used by the new European regulation on securitisation, in force since January 2019, for "Simple, Transparent and Standardised securitisations" transactions, these quality criteria have also been assessed by the Prime Collateralised Securities (PCS) as third party verification agent.
The senior, mezzanine and junior notes have been issued by the special purpose vehicle named Sunrise SPV Z70 S.r.l.. The senior notes, rated AA/AA(h) by Fitch and DBRS, having a value of 756 million euros, have also been entirely placed on the market with institutional investors with a request equal to twice the available securities.
"This successful result confirms the confidence of investors in the company's business model and the high quality of customer loans origination, despite the geopolitical uncertainties that create volatility on the European market and Italian in particular."
The transaction has been carried out with the contribution of Crédit Agricole Corporate & Investment Bank, as Joint Arranger, Joint Lead Manager and Sole Bookrunner, Banca Akros S.p.A. Banco BPM Group as Joint Arranger and Joint Lead Manager, as well as Merrill Lynch International and UniCredit Bank AG as Joint Lead Managers. The legal aspects have been managed by the international firms Allen & Overy and Legance. Zenith Service acted as corporate servicer and pool audit service provider. The role of representative of the noteholders is carried out by Accounting Partners.
The list of STS transactions successfully notified to ESMA (European Securities and Markets Authority) :
The list of transactions for which PCS has successfully completed the STS verification :
