Intesa Sanpaolo and Prelios have formed a partnership focusing on unlikely-to-pay (UTP) loans, a subset of the non-performing loan sector, aiming to securitize a €3bn portfolio of UTP loans made to small and medium sized enterprises.
The capital structure will comprise a senior tranche equivalent to 70% of the portfolio price to be underwritten by Intesa, and junior and mezzanine tranches equivalent to the remaining 30% of the portfolio price, 5% of which will be underwritten by Instesa and the remaining 95% by
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