14 July 2016
Alba 8 SPV S.r.l.: securitisation of lease contract with the participation of EIB Group
A new securitisation of a portfolio of receivables arising out of lease contracts originated by Alba Leasing S.p.A. has been carried out.
The portfolio comprises over 15,000 loans for a total principal amount exceeding Euro 1 billion, out of which more than the 53% concerns instrumental assets.
Alba 8 SPV S.r.l. (the “Issuer”), the special purpose vehicles that has purchased the portfolio of leasing receivables, has issued 5 classes of asset backed floating rate notes for a total amount of Euro 1.2 billion.
The rated notes have been listed on the Irish Stock Exchange and have obtained the following ratings by DBRS and Moody’s:
| Class | Euro | Spread | DBRS | Moody’s |
| Class A1 | 335,300,000 | 0,65% | “AAA (sf)” | “Aa2 (sf)” |
| Class A2 | 304,800,000 | 0,75% | “AAA (sf)” | “Aa2 (sf)” |
| Class B | 127,000,000 | 1,15% | “A (High) (sf)” | “A1 (sf)” |
| Class C | 45,700,000 | 1,50% | “A (sf)” | “Ba3 (sf)” |
Alba 8 SPV has issued also a class of unrated junior notes, the Class J Notes for an amount of Eur 213,300,000.
The EIB Group has been involved in the transaction as subscriber (European Investment Bank, “EIB”) of part of Class A2 and as guarantor (European Investment Fund, “EIF”) granting a guarantee to Class B. The remaining Notes have been entirely subscribed by Alba Leasing S.p.A.
In the contest of this public transaction, Securitisation Services has been appointed for the roles of:
- Corporate Servicer Provider
- Representative of the Noteholders
- Calculation Agent and
- Back-up Servicer