The Italian region of Lazio this week used structured finance techniques to raise Eu1.1bn, clearing its past healthcare deficit. The deal is the first in a series of sale and leaseback securitisations of regional hospitals to come from the region the year. Arranged by Merrill Lynch and MedioCredito Centrale, and joint lead managed by Barclays Capital, Deutsche Bank and Lehman Brothers, the deal confirms the increasing sophistication of Italian regions in the ABS market. Sicily has recently closed two repackaging deals to fund employment and healthcare contributions and the region of Friuli-Venezia is planning a Eu100m real estate securitisation.
February 28, 2003