Hoist Finance successfully completes the inaugural EUR 225 million securitisation transaction backed by Italian NPLs
Hoist Finance has successfully completed the securitisation of a portfolio of Italian non-performing, unsecured loans (NPLs) with a gross book value of EUR 225m (the “Transaction”) as announced on 29 July 2019.
The Transaction involves the issuance of two classes of notes issued by the securitisation company Pinzolo SPV S.r.l. (an Italian Law 130 issuer) to finance the purchase of NPLs from the Hoist Finance group company Marte SPV S.r.l. The senior notes – representing 95% of the issued amount – were fully subscribed by a fund managed by the global alternative investment manager, CarVal Investors, LLC, and the junior tranche – representing 5% of total issuance – retained in full by Hoist Finance. No ratings have been assigned to any of the two classes of notes.
The Transaction reduces Hoist Finance risk-weighted exposures and thereby allows deployment of capital released through the Transaction in new investments. The 60 bps CET1 capital relief resulting from the Transaction corresponds to an additional investment capacity of about EUR 100m.
- I am happy to complete this transaction which not only adds significant investment capacity in favorable market conditions, but also marks an important step towards maintaining a sustainable business model in a post NPL backstop world says Klaus-Anders Nysteen, CEO of Hoist Finance.
Deutsche Bank acted as Arranger and Lead Manager of the Transaction.
For further information, please contact:
Head of Investor Relations
Tel: +46 72 506 14 22
About Hoist Finance
Hoist Finance is a trusted debt restructuring partner to international banks and financial institutions. We are specialised in serving banks in handling non-performing loans, and supporting individuals in becoming debt free. Through expertise and rigorous compliance we earn the banks’ trust. Through respect, honesty and fairness we earn the trust of our customers. For further information, please visit hoistfinance.com.