IBL Banca renews securitization program and issues new Series No. 12 asset-backed securities

Client(s) IBL Istituto Bancario del Lavoro S.p.A. and UniCredit

Jones Day assisted IBL Banca, as originator and co-arranger, and UniCredit, as co-arranger, in the annual update of the securitization program for a total maximum amount of €10 billion, launched in 2017 through the special purpose vehicle Marzio Finance S.r.l. as well as in the issuance of the new Series No. 12 of asset-backed securities under the said program.

The new Series No. 12 of notes, having a nominal value of approximately €360 million, was partly (with reference to the senior notes) placed on the market through the joint lead managers and partly (with reference to the junior notes) subscribed by IBL Banca itself. The senior tranche was rated by Scope, Moody's, and DBRS and is listed on the Luxembourg Stock Exchange. The junior tranche has no rating.

The issue has been structured in accordance with Law 130/99 (the Italian securitization law) and in compliance with requirements of “simplicity”, “transparency” and “standardization” (STS) provided by the European regulation on securitizations (Reg. EU 2017/2402). Prime Collateralized Securities (PCS) EU SAS acted as a third party verifier of these requirements.