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NPLs

White & Case Advises Hoist Finance on First-Ever Italian Investment Grade Rated Securitization Backed by Portfolio Comprising Only Unsecured NPLs

Global law firm White & Case LLP has advised Hoist Finance on the first-ever rated securitization of a portfolio of Italian unsecured non-performing loans (NPLs) with a gross book value of €5 billion.

"This is yet another example of our recent work on landmark securitization transactions in the non-performing loan sector across EMEA," said White & Case partner Dennis Heuer, who co-led the deal team.

The transaction involved the issuance of €337 million notes across three tranches issued by the Italian securitization vehicle Marathon SPV S.r.l. to finance the purchase of the NPL portfolio. The securitization was structured with a view to achieve significant risk transfer in accordance with applicable prudential requirements.

The White & Case team which advised on the transaction was led by partners Gianluca Fanti (Milan), Dennis Heuer (Frankfurt), Debashis Dey (London and Dubai) and Carl Hugo Parment (Stockholm) and included local partners Francesco Scebba and Guiseppe Barra Caracciolo (both Milan) and Carsten Loesing (Frankfurt), and associates Rocco De Nicola (Milan), Alexander Kreibich (Frankfurt) and Greg Pospodinis (Dubai).

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