UniCredit applies for GACS guarantee as FINO progresses

UniCredit is seeking an Italian government guarantee for the senior tranche of a portfolio of securitized non-performing loans after gaining an important rating from Moody’s and DBRS on the notes, allowing it to go forward with its “failure is not an option” (FINO) asset disposal plan.

  • By Sam Kerr
  • 27 Nov 2017

FINO is UniCredit's two-phase sale of €17.7bn in NPLs, comprising predominantly the very worst 'sofferenze' category.

During phase one, the €17.7bn loan book was moved into two securitized structures at an average price of 13% of face value. The €2.3bn portfolio was to be securitized and split between ...

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