Belvedere SPV S.r.l.’s implementation of ReoCo– Italian NPL ABS

LED Taxand advised Bayview on the tax aspects of the transaction

Belvedere SPV S.r.l., a securitization vehicle owning a EUR 2,541m portfolio of Italian non-performing loans managed by Bayview Italia S.r.l. and Prelios Credit Servicing S.p.A., implemented a ReoCo structure pursuant to article 7.1 paragraph 4 of Law 130 of 1999, in the context of a securitisation transaction carried out in December 2018 through the issuance of three classes of asset-backed securities.

The “senior” notes were assigned a rating by Moody’s, DBRS and Scope which has been confirmed following the implementation of the ReoCo Structure.

This is the first ReoCo structure implemented in Italy pursuant to article 7.1, paragraph 4 of Law 130 of 1999 in the context of a securitisation transaction with rated notes.

LED Taxand advised Belvedere SPV S.r.l  with a team including Paolo Ruggiero (picture), Francesco Cardone and Erminia Procopio on the tax aspect of the implementation of the ReoCo structure.

Marcello Paduano, partner of BPLEX Avvocati, with the Senior Associate Antonio di Mino advised Belvedere SPV S.r.l. on the legal aspects of the implementation of the ReoCo structure.

Involved fees earner: Marcello Paduano – BPLEX Botte Caresano de Russis Paduan; Francesco Cardone – LED Taxand; Erminia Procopio – LED Taxand; Paolo Ruggiero – LED Taxand;

Law Firms: BPLEX Botte Caresano de Russis Paduan; LED Taxand;

Clients: Bayview Asset Management, LLC;