Banca Progetto S.p.A.’s €300 Million Securitisation

Hogan Lovells advised Banca Progetto on the securitisation of a portfolio of loans secured by one fifth of the salary or pension, for an overall value of €300 million.

The transaction, co-arranged by Banca Progetto and BNP Paribas Corporate and Institutional Banking, was performed through the special purpose vehicle VIDAL SRL. The securities were issued as “variable funding notes” divided up into two classes: a senior class for €250 million and a junior class for about €50 million. The initial portfolio assigned by Banca Progetto, for over €150 million, comprises direct loans granted between 2018 and the early 2019. As part of the overall structure of the transaction, the Bank will also be entitled to assign further receivables for about €150 million to the special purpose vehicle by 31 December 2020.

Banca Progetto, which also acted as servicer of the transaction, has relied on Securitisation Services S.p.A. (Banca Finint Group) and BNP Paribas Securities Services as far as management issues were concerned.

Banca Progetto is a bank focused on the services to Italian small and medium enterprises and private clients, controlled by the Californian fund Oaktree Capital.

The Italian team of Hogan Lovells lawyers that acted as transactional legal counsel included partner Corrado Fiscale (Picture), counsel Giulia Arenaccio, associate Diego Guardì and trainee Giulia Paparella. Additionally, partner Fulvia Astolfi and senior associate Maria Cristina Conte advised on tax issues.

Involved fees earner: Giulia Arenaccio – Hogan Lovells; Fulvia Astolfi – Hogan Lovells; Maria Cristina Conte – Hogan Lovells; Corrado Fiscale – Hogan Lovells; Diego Guardì – Hogan Lovells;

Law Firms: Hogan Lovells;

Clients: Banca Progetto;

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