Banca Progetto adds to Italian CQS securitization flow

By Tom Brown
19 Apr 2021

Banca Progetto, an online bank backed by Oaktree Capital, is bringing an Italian consumer transaction securitizing payroll-deductible loans, with the majority originated slightly before or during the pandemic. The issuer has mandated BNP Paribas on the transaction.

The deal, called Progetto Quinto, is being issued with one 2.6-year senior offered tranche carrying a coupon of 75bp over one-month Euribor. It also includes a class ‘J’ note which acts as a cash reserve worth €6.53m 

A static pool of €363m is backing the portfolio, with a ...

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