The Italian Ministry of Treasury is in process of mandating investment banks for its next securitization of delinquent social security payments. The deal, the fourth in the INPS series, will be at least E3 billion. Bids were due in Rome last Friday. Enrico Cantarelli, member of the senior advisory board at the Treasury in Rome, says it is up to the investment banks to show how much cash can be raised from the transaction.
The Treasury usually hires a syndicate of at least three banks. Last year, the Italian Treasury securitized E3 billion of delinquent social security payments. That offering was lead-managed by Morgan Stanley, UBS Warburg and UniCredit Banca Mobiliare. The Treasury likes to change its syndicate with every deal (BW, 10/13).
