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20 February 2017

GARC SPV S.r.l.: The new platform of Intesa Sanpaolo

Intesa Sanpaolo Group has finalised during the last month of December the fifth synthetic securitisation of SME loans for an amount of 2.5 billion Eur through the platform “GARC” (Gestione Attiva Rischi di Credito). This platform had been set up by Intesa during the year 2014 – in the context of their activities of Credit Portfolio Management – with the objective of decrease the level of regulatory capital set aside in order to use it to foster the growth of the Italian SMEs.

The structure of the transaction is innovative because it is implemented through a limited recourse loan in favour of Intesa Sanpaolo – as per art 7 comma 1 lett. A) of the law 130/99 – for an amount equal to the 95% of the junior notes, issued by the special purpose vehicle GARC SPV S.r.l. (“SPV”) and placed on the capital markets to qualified investors. The transaction had been structured with the cooperation of Banca IMI and with the legal advisor Studio Legale Riolo Calderaro Crisostomo.

Securitisation Services has been appointed to implement the structure necessary to grant the correct operation of the SPV and the most efficient setup of the entire transaction.

Once again Securitisation Services is the ideal partner to implement such innovative projects, providing all the main services for which it is market leader:

  • Servicer
  • Corporate Servicer and
  • Computation Agent

In addition to that, Securitisation Services has been appointed also as Issuer Agent. Since more than a year our company has started to partner corporates that enter into the fixed income market to help them in the process of issuance and management of their corporate bonds, taking care of all the activities vis a vis Monte Titoli, Bank of Italy and the investors.