UniCredit steps up SME ABS with agency help

By Tom Porter
15 Sep 2014

A €1.3bn transaction from UniCredit’s leasing business has kept Europe’s spotlight firmly on SME ABS as the market awaits further details of the European Central Bank’s purchase programme, with the bank saying the proceeds will go towards financing more Italian companies.

UniCredit Leasing placed €715m of AA+/A2 rated bonds backed by performing lease contracts extended to Italian small and medium-sized enterprises through a special purpose vehicle named Locat SV Srl, with three separate European credit agencies involved either as guarantors or direct investors.

The €90m 2.7 year ‘Class A1’ ...

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