Consel Plans Italy's First Consumer ABS for 2013

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Consel SpA an Italian consumer credit company plans to issue Monviso 2013, a €348 million ($454M) securitization deal backed by Italian consumer and personal loans, according to a Standard & Poor’s presale report.

S&P has assigned preliminary ratings of ‘AA+’ to the fixed rate class A notes. At closing, the issuer will retain €221.60 million of unrated class J notes. The deal is expected to close in the next 2 weeks.

Nearly 50% of the pool is made up of auto loans and personal loans represent the second largest pool. These loans have been made to borrowers that are well-distributed across Italy. The highest borrower concentrations are in Italy's wealthiest regions -- Lazio, Lombardia, and Piemonte, according to the presale report.

Credit Agricole is lead manager on the deal. Monviso 2013 is Consel's first structured finance transaction, S&P said.


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