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Allen & Overy advises on the securitisation of non-performing loans by IPV Investing

Published Date
Dec 6, 2023
Allen & Overy advised Zenith Service (Arrow Global Group) on the structuring of a securitisation programme for the acquisition and management of non-performing loans by IPV Investing S.p.A. (a newly established joint venture in the NPL sector), as well as for the acquisition of a first portfolio having a total gross book value of approximately EUR450 million.

IPV Investing is a company based in Cuneo specialising in credit recovery; it was formed in July 2023 by its three founding partners, ViViBanca S.p.A., Carlo Palla and Stefano Inguscio. It is a proactive player in the secondary market, which aims to enhance “problematic” loans, in order to give families and businesses the opportunity to definitively close unpaid debts and achieve a sustainable financial position.

The partly paid securities issued by a special purpose vehicle under Law 130/99 were underwritten by IPV investing and other institutional investors. Zenith handled the establishment of the special purpose vehicle and acted as Master Servicer, Corporate Servicer, Calculation Agent and Representative of the Noteholders.

Allen & Overy advised with a team led by partner Pietro Bellone, with the support of associate Chiara D’Andolfo.

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About the
authors

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Pietro Bellone

Partner

Milan

In addition to assisting with the structuring of the transactions, Pietro provides advice on complex EU and Italian regulations aff...

Chiara D'Andolfo

Chiara D'Andolfo

Associate

Milan

Chiara has also a wide knowledge of the Italian and European regulatory requirements applicable to securitisations.