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GC Asia
Trio of Italian banks shift risk with NPL SRT deal
BPER Banca, Banco di Sardegna and Cassa di Risparmio di Bra are shifting a €343.4m non-performing loan portfolio, backed by a mix of soured secured and unsecured loans made mostly to corporate borrowers.
The deal is split into three tranches, with Moody’s giving the class ‘A’ tranche a preliminary rating of triple-B while the rest of the capital stack is unrated.
The senior notes have a 0.5% coupon over six-month Euribor, with class ‘B’ notes showing a 9.5% coupon over six-month ...Already a subscriber? Login
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