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IntesaBci carried out the first part of a securitisation by transferring a portfolio of performing residential mortgage loans, without recourse, to the special purpose vehicle IntesaBci Sec 2 S.r.l. in the frame of the securitisation programme set out in its 2003-2005 Business Plan.
The portfolio, which is made up of approximately 67,000 performing mortgage loans, has a book value of €2,026 million. Its transfer results in a capital gain of approximately €80 million for Gruppo IntesaBci. The securitisation transaction has been structured by IntesaBci acting as Sole Arranger.
During the second part of the securitisation transaction, to be completed within the first months of 2003, IntesaBci Sec 2 S.r.l. will issue mortgage-backed securities which will be listed in the Luxembourg Stock Exchange and placed with institutional investors.
