Italian-based consumer credit company Consel S.p.A plans to issue 372 million ($506 million) of securities backed by Italian consumer loan receivables.
The deal, Monviso 2014 s.r.l. follows Agos Ducato’s 1.35 billion consumer loan securitization, which priced earlier in the week.
Banca IMI S.p.A. is lead manager on the latest deal. DBRS has assigned the deal’s class A tranche of notes, sized at 240 million, a preliminary AA’ rating. The securitization trust will also offer 132.3 million of class J notes that will not be rated by DBRS. All of the notes have a legal final maturity June 23, 2027.
The notes are backed by a pool of fixed-rate, unsecured consumer loan receivables originated in Italy by Consel S.p.A. The transaction is structured with a 12-month revolving period during which additional receivables can be assigned.
Consel is a consumer credit company that is 67% owned by Gruppo Banca Sella and 32.5% owned by Gruppo Generali. It was founded in June 1999 and currently operates in Italy through 17 branches, 40 direct agents, 465 generali agencies, 3671 dealers, 293 Gruppo Banca Sella agencies and the internet. The products offered include car loans, personal loans, revolving credit cards, salary backed loans and long-term car leasing.
Meanwhile, the first Italian consumer loan securitization of the year priced this week. The 1.35 billion deal issued by Agos Ducato priced the 1.2-year, 800 million senior tranche of Sunrise 2014 at 97 basis points over the three-month Euribor, at the tight end of guidance, according to a Standard & Poor’s report. The tranche was two times oversubscribed.
