A&O Shearman in the EUR900 million full capital stack cash securitization of Fiditalia

The transaction involved the placement of all classes of notes on the market (for the senior, partially), except for the junior tranche which was retained by the originator. The senior and mezzanine notes were assigned ratings by MDBRS, Fitch, and Scope and were listed on the Luxembourg Stock Exchange. 

A&O Shearman, as drafting counsel to Societe Generale, advised on all legal, regulatory, and tax aspects of the transaction, with a team led by partner Pietro Bellone and comprising senior associate Martina Gullino and trainees Luca Marchesini and Francesco Piantoni. Senior associate Giovanni Chiarli provided assistance on hedging matters. Counsel Elia Ferdinando Clarizia dealt with tax aspects.

Pietro Bellone, partner, commented: “The Italian securitization market is entering a more mature phase. Originators no longer view securitization solely as a funding tool, but also as a way to manage risk and free up capital, placing mezzanine tranches as well with a broader and more diversified investor base. Consumer credit and auto loans remain among the most dynamic asset classes, and the evolution of the European regulatory framework could bring new issuers to the SRT market, making these structures a permanent feature of financing strategies rather than an opportunistic choice.”