Italian bank Cassa di Risparmio della Provincia di Chieti (CariChieti) recently launched its debut securitization, in a deal backed by performing mortgages and non-performing loans. Caboto, a wholly owned subsidiary of Banca Intesa, acted as lead manager for the E53 million ($50.4 million) transaction, called Creso 1. The transaction was the first securitization of performing mortgages to be completed under the new Italian securitization law.
The deal was split into two separate transactions - although both go through the same SPV - depending on the asset type. The underlying receivables for the floating rate E27.3 million A class notes and E6 million B notes comes from 1,429 performing mortgage loans with a book value of around E36 million.