Banca Popolare di Vicenza plans to issue 929 million ($1.25 billion) of securities backed by prime Italian residential mortgages.
The deal marks a return for the Italian bank, which was last in the market with Berica Residential MBS SrL Series 9 in April 2011. The latest securitization, dubbed Berica ABS 3 S.r.l., has been assigned preliminary ratings by DBRS. It will offer 835 million of AAA’ rated, class A notes with credit enhancement at 20% and 93.9 million of class B notes, rated A’ with credit enhancement at 11%. The notes are due June 2061.