Securitisations

Goldman Sachs on the establishment of an innovative private financing/securitisation for Casavo, 2021-22
Francesco advised Goldman Sachs International, as arranger and senior lender, and the other senior lenders, in connection with the establishment (and subsequent size increase) of an innovative private financing/securitisation for Casavo, an online PropTech platform in the real estate instant buying market.

European Investment Fund's €170 million securitisation platform, 2021
Francesco advised the European Investment Fund (EIF) in connection with the structuring of a platform for the securitisation of receivables arising from loans granted to SMEs and mid-corporates, guaranteed by the Italian Central Guarantee Fund, for a total value of approximately €170 million. This securitisation platform has been developed by EIF, Gruppo MutuiOnline and Gruppo NSA, with the support of the Italian Central Guarantee Fund, and aims to facilitate access to loans to SMEs and mid-corporates.

Goldman Sachs on a senior financing granted through a synthetic securitisation of CQS loans, 2021
Francesco advised Goldman Sachs International in connection with a senior financing granted through a synthetic securitisation of CQS loans.

Cassa di Risparmio di Asti, Cassa di Risparmio di Biella e Vercelli – Biverbanca and UniCredit Bank AG on a €1.2 billion securitisation, 2019-21
Francesco advised Cassa di Risparmio di Asti and Cassa di Risparmio di Biella e Vercelli – Biverbanca, as originators and underwriters, and UniCredit, as arranger, in connection with a multi-originator revolving securitisation (and subsequent restructuring) of fondiari mortgage loans, ipotecari mortgage loans and unsecured loans issued by Cassa di Risparmio di Asti and Cassa di Risparmio di Biella e Vercelli – Biverbanca to Italian SMEs, for a total value of approximately €1.2 billion.

Pitagora and Banca IMI on a €270 million securitisation, 2019-21
Francesco advised Pitagora S.p.A., as originator, and Banca IMI S.p.A. (now Intesa Sanpaolo S.p.A.), as arranger, in connection with a securitisation (and subsequent restructuring) of receivables originated by Pitagora S.p.A. and backed by the assignment of up to one fifth of the borrowers' salary or pension, for a total value of €270 million.

International investment fund on a securitisation subscribed by a York entity, 2020
Francesco advised an international investment fund in connection with the subscription of €22,368,000 Asset Backed Floating Rate and Variable Return Notes due December 2040 under articles 1 and 5 of Law 30 April 1999, No. 130, issued by an Italian SPV in order to finance the acquisition of a portfolio of secured and unsecured non-performing receivables vis-à-vis a number of debtors which are subject to bankruptcy proceedings..

An international investment fund on a securitisation subscribed by York Capital Management, 2020
Francesco advised an international investment fund in connection with the acquisition of receivables deriving from the so called public procurement claims (riserve tecniche), which have been originated by an Italian corporate entity against an Italian municipality. The Transaction has been funded through the issuance of asset-backed notes entirely subscribed by funds advised by an international investment fund.

Securitisation through FinTech CrescItalia Lab Platform, 2020
Francesco advised an asset manager of an Italian fund in connection with the securitisation, co-arranged by Crescitalia Holding S.r.l. and Zenith Service S.p.A., of trade receivables without recourse, originating from Italian SMEs operating in various sectors, through the innovative platform named "FinTech CrescItalia Lab Platform".

A primary investment bank on a €1.2 billion securitisation, 2018
Francesco advised a primary investment bank, as senior investor, in connection with the securitisation of €1.2 billion portfolio of non-performing loans sold by Banca Carige S.p.A. to Credito Fondiario S.p.A.

doBank on a €5.3 billion NPLs portfolios securitisation, 2017
Francesco advised doBank S.p.A., as master servicer and special servicer, in connection with the restructuring of a € 5.3 billion securitisation of a non-performing loan portfolio originally owned by UniCredit S.p.A. for the purpose of obtaining the GACS on the senior notes issued by FIno 1 Securitisation S.r.l..

NPLs and UTPs sale and purchase

Apeiron and Apollo funds's €1.8 billion transaction with Illimity, 2022
Francesco advised Apeiron Management S.p.A. and funds managed by affiliates of Apollo Global Management in connection with a transaction with Illimity Bank S.p.A. consisting of the sale and subsequent refinancing of a portfolio of construction claims (riserve tecniche d'appalto) owned by the Apollo Funds with a nominal value of approximately €1.8 billion.

US bank's €100 million ABS acquisition and subsequent loans securitisation, 2021
Francesco advised A US bank in connection with: (i) the acquisition of €100 million asset backed securities issued by an Italian securitisation vehicle and the subsequent restructuring of the securitisation transaction; and (ii) the purchase by a newly established Italian securitisation vehicle, acting through different compartments thereof, of two portfolios of performing and non-performing loans and the subsequent securitisation of such loans.

A pool of banks on the setting up of the €600 million RSCT Fund, 2021
Francesco advised UniCredit S.p.A., Intesa Sanpaolo S.p.A., BPER Banca S.p.A., Crédit Agricole Italia S.p.A., Crédit Agricole FriulAdria S.p.A. and other primary Italian banks, as originators and initial unitholders, in connection with the setting up of RSCT Fund (Responsible & Sustainable Corporate Turnaround Fund), being an innovative €600 million closed-ended alternative investment fund reserved to professional investors with a focus on unlikely-to-pay (UtP) corporate exposures, managed by Davy Global Fund Management and advised by Pillarstone.

Credito Fondiario €920 million multi-originator securitization, 2020
Francesco advised Credito Fondiario S.p.A., as master servicer and special servicer, in connection with the €920 million multi-originator securitisation of non-performing receivables originated by 15 Italian banks (GACS eligible).

UniCredit and Intesa Sanpaolo's sale of a US$75 million portfolio to fund Fi.NAV, 2020
Francesco advised UniCredit S.p.A. and Intesa Sanpaolo S.p.A. in connection with the sale of a US$75 million portfolio of ship mortgages loans to the alternative fund Fi.NAV. managed by the Irish company Davy Global Fund Management.

Global alternative investment firm healthcare receivable refinancing, 2019
Francesco advised a global alternative investment firm in connection with the refinancing of five Italian healthcare receivables portfolios through a bond underwritten by a global investment bank via a Luxembourg special purpose vehicle.

Cassa di Risparmio di Asti and Cassa di Risparmio di Biella e Vercelli's sale of a €350 million portfolio, 2019
Francesco advised Cassa di Risparmio di Asti S.p.A. and Cassa di Risparmio di Biella e Vercelli – Biverbanca S.p.A., as sellers, in connection with the disposal to an international debt fund of a portfolio of non-performing loans with an aggregate gross book value of approximately €150 million.

Intesa Sanpaolo Group and UniCredit's sale of a US$350 million NPLs portfolio, 2019
Francesco advised Intesa Sanpaolo Group and UniCredit S.p.A. in connection with the set-up of a platform for the disposal of UTP shipping loans, through the constitution of an Italian closed-end umbrella alternative investment fund, named "Fi.NAV.", reserved to professional investors and the disposal of a shipping loans portfolio for a total GBV equal to around US$350 million.

GWM's acquisition of a €91 million sub- and NPL receivables, 2018
Francesco advised an investment fund managed by GWM in connection with the acquisition from FMS Wertmanagement of sub- and non-performing loan receivables having an aggregate gross book value of €91 million and arising from five real estate loans secured by Italian real estate assets and a UK factory outlet.

Oak Hill Advisors' bid to acquire €1.7 billion NPL receivables, 2018
Francesco advised Oak Hill Advisors (Europe) LLP in connection with the bid for the potential acquisition of an Italian portfolio of non-performing financial lease receivables together with the relevant leased assets and contracts owned by an Italian bank, for a total value of €1.7 billion.