The first securitization of delinquent assets for the Italian state body that governs occupational injury payments, Istituto Nazionale per l'Assicurazioni Contro gli Infortuni sul Lavoro (Inail), will be for a total of Lit1.5 trillion ($767 million), the body's president Gianni Billa told reporters attending a conference in Rome.

He added that the deal would be launched "as soon as possible", but that no lead manager had yet been selected.

Italy's 2000 budget law included provisions to allow the securitization. The law assumes proceeds in each year between 2000 and 2002 of Lit600 billion to Lit800 billion.

The Italian treasury also confirmed plans to issue securitization deals to a value of Lit15 trillion over the next two years backed by delinquent social security contributions owed to the state pensions body, Istituto Nazionale della Previdenza Sociale (INPS).

This follows on from a similar deal worth Lit9 billion that was issued via underwriters Merrill Lynch, BNP Paribas and San Paolo IMI at the end of last year.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.