Hoist Finance has received commitment from CarVal for a rated Italian securitisation
Hoist Finance is working towards closing a rated cash securitisation backed by a pool of Italian non-performing unsecured claims with a gross book value of EUR 5.0 billion as of the end of September. The transaction will have 85% senior and 15% subordinated notes. Hoist Finance will retain the senior notes in full, and additionally 5% of the subordinated notes. Funds managed by CarVal Investors LP have committed to subscribe the remaining subordinated notes. Senior notes are expected to be assigned an investment-grade rating and will carry an interest rate equal to 1.8%. Subordinated