Sirius SPV acquisition of €366 million Iccrea Group NPL portfolio

28/12/2016

Private acquisition, Securitisation, Loan portfolio sale

Value:

€ 366 million

Dollar value:

$ 393.041 million

Status:

Completed

Date:

28/12/2016

Overview:

Sirius SPV has acquired a €366 million NPL portfolio from the Iccrea Group.
Sirius undertook a securitisation of the portfolio and issued ABS to Bayview Global opportunities Fund.
The portfolio consists of 7,900 positions including unsecured residential and commercial mortgage loans from the Iccrea Group, 28 mutual banks and the Fund of the Credit Depositors Guarantee co-operative.
Icrrea Bank acted as arranger.

Sam Duke - Editor

Jurisdiction:

Italy

Deal types:

Private acquisition
Securitisation
Loan portfolio sale

Practice area:

M&A

Industry sector:

Banking

Firms:

Orrick Herrington & Sutcliffe

Party: Iccrea Bank (Arranger)

Lawyer: Patrizio Messina

Studio Legale Cappelli RCCD

Party: Bayview Asset Management (Acquirer)

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