Banca Intesa will launch a E1.5 billion lease securitization in the first quarter, according to an official involved in the deal. The deal had been scheduled to hit the market this year, but with the recent legal imbroglio concerning the Italian leasing market, the deal has been rescheduled.
Stefano Patruno, a senior securitization structurer at Intesa in Milan, declined to comment. Credit Agricole will act as underwriter. The deal will be Intesa's debut lease securitization and will be executed after the lease-related legislation contained in Italy's new budget law is passed. Overall, securitization bankers believe there will be a few repeat issuers and some new entrants once the new law brings a clearer picture of the Italian lease securitization market.
