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.

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