Eidos Partners co-arranger in the multi-originator securitization Alchera

 

June 2013

 

Eidos Partners announces the closing of a multi-originator securitization of a pool of loans granted to SMEs and originated by local banks for a total face value of € 642.6 m, called “ALCHERA SPV S.r.l.”.
The transaction, in which Eidos Partners acted as co-arranger, is a securitization of commercial mortgages granted to small and medium enterprises by Banca Cassa di Risparmio di Savigliano, Banca Mediocredito del Friuli Venezia Giulia e Cassa di Risparmio di Saluzzo. Alchera SPV S.r.l. financed the purchase of the loans through the issuance of two tranches of ABS. The class A notes, issued for a total amount of € 419 mln, are listed on the Irish Stock Exchange and received A+ (sf) rating from Standard & Poor’s and A (sf) from DBRS and meet the criteria required for refinancing operations with the European Central Bank.
Thanks to this operation, the banks have managed both to diversify their own funding sources and to lower their funding costs, creating at the same time a future liquidity reserve for the medium and long term.

 

 

Cassa di Risparmio di Saluzzo (www.crsaluzzo.it) is a local small-medium sized bank with its registered office in the municipality of Saluzzo (CN) and which operates with a network of 27 branches located in the provinces of Cuneo (20 branches) and Turin (7 branches). The Bank offers to its customers the products and services of a typical traditional bank, gathering public savings and providing loans. Therefore, the major customer segments are the retail segment (mostly families), SMEs and those with commercial interests in the agricultural and food industry.

Banca Cassa di Risparmio di Savigliano (www.bancacrs.it) is a local small-medium sized bank with a strong interconnection with the social and economic community in its operating area, located in the Piedmont region and especially in the provinces of Cuneo and Turin. It has 25 branches in 23 municipalities; its registered office is in Savigliano (CN). The Bank offers the traditional commercial banking services, gathering public savings and providing loans. Its major customer segments are the retail segment (mostly families), SMEs and those with commercial interests in the agricultural and food industry.

Banca Mediocredito del Friuli Venezia Giulia (www.mediocredito.fvg.it) is a local bank whose registered office and headquarters are located in Udine, with representative offices in Pordenone and Trieste. The Bank mainly operates in the Friuli-Venezia Giulia region in two main business areas: i) traditional banking activity; ii) services provider connected to subsidized financing. The Bank’s lending activity is also carried out with public resources contributed by Regione Autonoma Friuli Venezia Giulia with the purpose of promoting and supporting entrepreneurial activities operating in Friuli Venezia Giulia.

Eidos Partners (www.eidospartners.com) is an indipendent advisory firm specialised in mergers and acquisitions, initial public offerings, debt raising, financial restructuring, financial advisory services and execution of structured finance transactions, including bond issues and derivatives. Eidos Partners works with Italian and international companies, private equity funds and institutional investors.

For further information www.eidospartners.com

 

 

Transaction Type
Co-arranger in a multi-originator securitization

Transaction Size
€ 642,6 mln

Sector
SMEs loans

Michele Rolleri
Managing Director
Tel: +39 02 87238.811
michele.rolleri@eidospartners.com

 

Cèline Cavallo de'Paoli
Senior Executive Consultant
Tel: +39 02 87238.807
celine.cavallodepaoli@eidospartners.com

Valeria Pastò
Analyst
Tel: +39 02 87238.809
valeria.pasto@eidospartners.com