Futura notes a rare chance to buy Italian NPL seniors

Italy flag Adobe Stock
By Owen Sanderson
04 Feb 2020

Barclays and JP Morgan were this week marketing the senior notes of Futura 2019 for Guber Banca and Varde at mid-300bps over six month Euribor. The deal gives investors a rare chance to buy publicly syndicated investment grade exposure to Italian non-performing loans.

Almost all Italian NPL deals have been financed under the GACS schemes, which involve a state guarantee for the senior tranche, provided it can be structured to an investment grade level. The state guarantee gives the tranche a 0% risk weight, so it is usually retained by the ...

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