Italian bank Banca di Roma recently launched yet another securitization backed by non-performing loans. The E850 million ($812 million) transaction was called Trevi Finance No.2. It follows hot on the heels of other recent NPL issues, including CariChieti's E53 million Creso 1 deal (ASRI 4/10/2000 p6) and Banco di Sicilia's E380 million Island Finance transaction (ASRI 3/27/2000 p8).
ABN AMRO and BNP Paribas acted as joint lead managers for the deal, with Banco di Roma as co-manager. The deal, which parceled loans on commercial and residential properties with a book value of around E1.7 billion, was split into four tranches, of which only two were priced. The assets were originated by both Banca di Roma and its subsidiary Mediocredito di Roma