Compass, new EUR950 million SRT-compliant cash securitization with A&O Shearman

As part of the transaction, Mediobanca acted as arranger and, together with BNP Paribas, Bank of America, Crédit Agricole Corporate and Investment Bank, Intesa Sanpaolo (IMI CIB Division), and Societe Generale, as joint lead managers.

A&O Shearman advised Compass and the arranger Mediobanca, handling the drafting of the transaction documents and the SRT notification, with a team led by partner Pietro Bellone, assisted by senior associate Fabio Gregoris, and trainees Luca Marchesini and Dario Illice. Senior associate Giovanni Chiarli provided support in relation to the hedging agreement. Tax aspects were handled by counsel Elia Ferdinando Clarizia.

Pietro Bellone, partner, commented: “There is growing interest among market participants in cash securitizations structured in compliance with SRT requirements, an increasingly strategic tool for regulatory capital optimization in the consumer credit sector. The completion of the third transaction of this kind for Compass is testament to the maturity of this segment and to the ability of Italian issuers to attract a broad and diversified pool of institutional investors.”