A&O Shearman advises on EUR850m cash SRT securitization of Findomestic

The securitization has been made both for funding and capital relief purposes. The class A, B and C notes issued the special purpose vehicle Autoflorence 4 S.r.l. have been assigned a rating by Fitch and S&P and, together with the class D notes, have been listed on the Luxembourg Stock Exchange. Most of the class A notes, as well as the notes of all other classes except for the risk retention portion retained by the originator, have been placed on the market.

A&O Shearman has acted as drafting counsel, advising the arranger and lead manager BNP Paribas in relation to all legal and regulatory aspects of the transaction with a team led by partner Pietro Bellone, with the support of senior associate Chiara D’Andolfo and trainees Anna Zanolli and Francesco Piantoni. The tax matters have been dealt with by counsel Elia Ferdinando Clarizia.

A group of lawyers based in the Milan, London, Paris and New York offices have advised on the English, French and U.S. law aspects of the transaction.

Pietro Bellone, partner, commented: “Public cash securitizations are becoming an increasingly effective capital management tool in Italy’s consumer credit market, with a robust pipeline of transactions expected over the coming months. This momentum remains strong, confirming a trend that is extending beyond the traditional players.”