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Allen & Overy advises on Fides CQS securitisation

Allen & Overy has provided legal assistance in relation to a securitisation transaction of consumer loan receivables assisted by salary assignment and/or payment delegation originated by Fides, a financial intermediary owned by Gruppo Banco Desio, with a value of EUR500 million.

It is the first transaction by Fides on this type of assets. The senior notes have been assigned ratings by Fitch and Moody’s and have been admitted to trading on Euronext Dublin regulated market.

The transaction has been structured in compliance with the “simple, transparent and standardised” (STS) criteria set out in the EU regulations and has been designated by the originator as STS by notice to ESMA. PCS has acted as third party verification agent.

Allen & Overy advised Mediobanca as arranger with a team led by partner Stefano Sennhauser and counsel Pietro Bellone, supported by associate Martina Gullino and trainee Alessia Cellucci. Partner Francesco Guelfi and counsel Elia Ferdinando Clarizia with associate Lino Ziliotti advised on tax-related aspects. A team of A&O lawyers based in Milan and London advised for English law aspects.

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