UniCredit poised to duck under NPL target with €6bn securitization

By Tom Brown
22 Oct 2019

UniCredit is structuring a €6bn Italian non-performing loan (NPL) securitization called Prisma, which is set to qualify for Italy’s state-sponsored guarantee scheme and will send the bank below its €10bn NPL target.

The deal is made of mortgages and has three tranches, including a €1.2bn senior tranche, which Moody’s preliminarily rates as Baa1 and Scope as BBB+. There is also an unrated €30m class ‘J’ tranche.

Senior secured loans form 64% of the collateral, with unsecured loans making up ...

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