Allen & Overy advises on the CQS securitisation of Creditis
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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 Creditis Servizi Finanziari S.p.A., a financial intermediary majority owned by the Chenavari group, with a value of approximately Euro 164.5 million.
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.
The senior, mezzanine and junior notes issued by the special purpose vehicle Brignole CQ 2022 S.r.l. have been assigned ratings by DBRS and Moody’s and have been admitted to trading on the professional segment of ExtraMOT PRO managed by Borsa Italiana. The class A notes and the class B notes, net of the risk retention held by the originator, have been placed to institutional investors.
Allen & Overy has assisted Citigroup Global Markets Limited, as arranger and joint lead manager, and BofA Securities Europe SA, as joint lead manager, with a team led by partner Stefano Sennhauser and counsel Pietro Bellone and involving trainees Riccardo Ingrao and Aldo Brombin Tuzzato. Partner Francesco Guelfi and senior associate Elia Ferdinando Clarizia, together with associates Simona Simone and Lino Ziliotti, dealt with the tax aspects. A group of A&O lawyers based in Milan, London and New York has provided advice on English and New York laws.