German SME Issuance Kicks off with Geldilux

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Unicredit privately placed €400 million ($530.8 million) of the €750 million senior tranche in its German SME CLO, Geldilux TS 2013.

The bank retained the remainder of the €847.7 million securitization backed by short-term euro loan receivables made to large corporates, small and medium sized enterprises (SME), and self-employed  individuals based in Germany, according to Standard & Poor’s.

Moody's Investors Service assigned  ‘Aaa’ ratings to the €750 million class A secured floating rate notes due 2021. The tranche priced at 80 basis points over the one month Euribor.  

The bank retained €63.1 million class B notes, rated ‘A1’; €11.1 million class C notes, rated ‘Baa2’;   €12.8 million, class D, rated ‘Ba2’; and €10.7 million of  ‘A3’ –rated notes.  

Unicredit has previously issued ten Geldilux transactions. It was last in the market in 2011.   

Pricing for the first German SME to be issued this year comes less than a week after Italy re-opened the public market for Italian SME assets.

Banco Popolare di Vicenza priced the 1.8 year, €980 million A1X tranche of Berica PMI within guidance at 240 basis points over the three month Euribor. Fitch Ratings and DBRS assigned the notes a rating of ‘AA+’/ ‘AA’.


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