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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1 Citi 4,296 9 12.47
2 BNP Paribas 3,136 11 9.10
3 Bank of America Merrill Lynch (BAML) 2,934 10 8.52
4 Lloyds Bank 2,213 9 6.42
5 Credit Agricole 2,025 6 5.88

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3 Wells Fargo Securities 33,822.43 98 8.53%
4 JPMorgan 31,087.25 89 7.84%
5 Credit Suisse 24,807.99 61 6.25%