Hoist completes first IG Italian SRT backed by unsecured NPLs
Hoist Finance has issued €337m of notes in what is the first investment-grade Italian securitization to be backed wholly by unsecured non-performing loans (NPLs).
The deal, dubbed Marathon, has a book value of €5bn and is structured across three tranches, with the senior notes retained at issuance by Hoist. They are rated BBB by DBRS, Baa2 by Moody’s and BBB+ by Scope Ratings.The junior and mezzanine notes, which are 15% ...
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