Mediobanca securitizes portfolio worth 815 million

Mediobanca Moodys confirms Baa1 long term rating

(Finance) – Mediobanca completed the placement of the first Italian Consumer ABS Quarzo SRT (Significant Risk Transfer), a securitization of loans disbursed by Compass Banca, on a portfolio of 815 million euros.

This transaction, explains a note, allows the Mediobanca Group, in addition to carrying out the usual diversification of collection channels, to optimize the RWA of 500 million, in line with the objectives of the “One Brand One Culture” Strategic Plan. The performance of the issue once again confirms both investors’ appreciation for Mediobanca’s ability to access diversified financing sources in a constant manner and at competitive conditions, and its ability to attract new ones by welcoming strong demand for the mezzanine tranches.

After the last public placement in May 2023, Compass returns to the institutional market by integrating three mezzanine tranches into the usual senior tranche, consolidating the Group’s positioning among the most regular issuers in the segment at European level and successfully accessing the market for the first time with an SRT operation.

The wallet includes fixed rate performing loans for an aggregate amount of €815m. The pool is made up of 63% personal loans and the remainder of loans for the purchase of new cars (15%), used cars (15%) and special-purpose loans (7%).

The completed placement of the inaugural ABS Quarzo SRT were set at 79 basis points for tranche A, 160 basis points for tranche B, 230 basis points for tranche C and 370 basis points for tranche D respectively, above the rate Euribor 3 months. Senior securities for a total of 500 million and mezzanine securities for 87.5 million euros were placed on the market.

The bookbuilding processconcluded successfully, saw the involvement of all the main international investors in the ABS sector and the overall order book exceeded €1.6 billion.

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