Banco Nazionale del Lavore is constructing what will be Italy's biggest residential mortgage-backed securitization to date. Marketing for the E2.2 billion deal called Vela Home began last week by sole bookrunner ABN AMRO, confirms an ABN spokesman. BNL will be co-arranger and joint lead manager on the deal.
Vela Home will also be BNL's first RMBS transaction. Rome-based BNL is one of Italy's largest mortgage lenders. James St. Johnston, co-head of European securitization syndication at ABN in London, did not return calls inquiring about price talk and launch date. In February, IntesaBCI launched an RMBS deal that was just over E2 billion, which had been the largest RMBS deal done in Italy.
Italian mortgage pools generally are characterized by low loan-to-value ratios (LTVs) and good credit quality, notes Sarah Barton, securitization analyst at Morgan Stanley in London. She says Italian RMBS are being absorbed quite easily by the market.
