Unicredit Plans €847M SME Securitization

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Unicredit plans to issue a €847.7 million ($1.08 billion) 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.

Moody's Investors Service assigned ratings to the deal called Geldilux-TS-2013 S.A. The ratings agency assigned ‘Aaa’ ratings to the €750 million class A secured floating rate notes due 2021. 

The €63.1 million class B notes are rated ‘A1’; the €11.1 million class C notes are rated ‘Baa2’;  the €12.8 million, class D are rated ‘Ba2’.

Moody’s said it also assigned a rating of ‘A3’ to the €10.7 million worth of notes that will be issued from the structure.  The ratings agency did not assign ratings to the €15.3 million class E notes.

Unicredit has previously issued ten GELDILUX  transactions. Moody’s said that the transactions have “shown excellent performance to date” and in total over all previous transactions, only 16 obligors have defaulted since 1999.      

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