(Alliance News) - ISCC Fintech Spa and Credito Lombardo Veneto Spa jointly announced on Tuesday the completion of a non-recourse (pro soluto) disposal by ISCC Fintech to a special purpose vehicle named SPV 2604 Barbaresco Srl. The transaction involves a secondary market portfolio of unsecured individual non-performing loans (NPLs), primarily originating from banking and financial contracts, with a gross book value of approximately EUR60 million.
According to the press release, the sale was executed as part of a securitization transaction. Over the coming weeks, the deal will involve the issuance of classes of partly paid asset-backed securities. The senior tranche will be subscribed by Banca CLV, while the junior tranche will be held by ISCC Fintech, in line with their respective risk profiles and investment objectives.
Under the terms of the agreement, ISCC Fintech will act as the sole special servicer, responsible for the management and recovery of the underlying receivables, partly through the legal partners of its subsidiary Lawyers StA.
ISCC Fintech shares saw no trading activity on Tuesday.
By Michele Cirulli, Alliance News reporter
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