Skip to content

Fiditalia, “full-stack” securitisation with Allen & Overy

Allen & Overy advised on a securitisation of receivables arising from loans for the purchase of cars granted by Fiditalia S.p.A., a financial intermediary fully owned by Société Générale.

The transaction involved the public placement of the entire capital structure (“full-stack”), except for the junior tranche which has been underwritten by the originator. The senior and mezzanine notes were rated by DBRS and Fitch and admitted to listing on the Luxembourg Stock Exchange. The transaction is intended to comply with the STS criteria provided for by Regulation (UE) 2402/2017.

Allen & Overy assisted Société Générale, as arranger and lead manager, in relation to all legal, regulatory and tax aspects of the transaction with a team led by partner Pietro Bellone, with the support of associate Chiara D’Andolfo and trainee Alessia Cellucci. Partner Francesco Guelfi and counsel Elia Ferdinando Clarizia advised on the tax aspects. A group of professionals based in Milan and London provided assistance on English law matters.