IntesaBci is reviewing its structured finance and advisory department in an effort to find possible reference portfolios for balance sheet synthetic securitizations. Andrea Fabbri, deputy head of credit derivatives in Milan, said there is a 70% chance it will securitize some of these assets and it is just a question of choosing which ones.
The department covers 18 sectors, including real estate, power and utilities, shipping, infrastructure and industrials. Fabbri said it is undertaking the review because the merger--started last year--between Banca Intesa and Banca Commerciale Italiana has been completed. The firm is currently writing a business and feasibility plan and will likely start structuring a securitization after the summer. He expects the deal to be EUR500 million-EUR1.5 billion (USD468 million-1.4 billion).
Fabbri said it would aim to structure the securitization itself, but would bring on board a counterparty if that counterparty had relevant expertise. IntesaBci has structured several CDOs before, including Leonardo, which is the first securitization of aircraft loans (DW, 7/1).
