A&O Shearman advises Compass and Mediobanca on a EUR900 million cash SRT securitization

Mediobanca acted as arranger on the securitisation. It also acted as joint lead manager, together with BBVA, Bank of America, Crédit Agricole Corporate, and Investment Bank, Société Générale and UniCredit.

A&O Shearman advised Compass and the arranger, Mediobanca, acting as drafting counsel in relation to the transaction documents and the SRT notification. Partner Pietro Bellone led the team, assisted by senior associate Fabio Gregoris, and trainees Luca Marchesini and Dario Illice. Senior associate Giovanni Chiarli advised on the hedging agreement, whereas counsel Elia Ferdinando Clarizia handled the tax aspects.

Pietro Bellone, partner, commented: “What distinguishes this transaction is the combination of liquidity raising and significant credit risk transfer, two objectives that require close integration between the contractual structure and regulatory requirements. We advised Compass and Mediobanca on translating these requirements into the transaction documentation, continuing a journey that has now reached the institution’s fourth cash SRT securitization.”