Milano, 5th February 2004

The prestigious London magazine International Securitisation Report (Thomson Financial group) awarded  Banca Intesa the "Deal of the Year MBS (exUK)" for the securitisation transaction "IntesaBci Sec. 2" closed in February 2003. 

ISR awards are divided by geographic area (International, Asia, Europe and North America) and by type of transaction (ABS, MBS, CDO). The winners are identified via an on-line survey conducted among main sector players.

In the transaction Banca Intesa acted as sole arranger and Caboto-Banca Intesa, Crédit Agricole and Morgan Stanley acted as lead managers and book-runners. The transaction involved assets of 2.03 billion euro and was one of the largest deals closed by a financial institution in Italy. IntesaBci Sec. 2 is an Rmbs (residential mortgage backed securities) and has as collateral a portfolio of Banca Intesa's performing residential mortgages.
The transaction was divided in four tranche of different amounts of floating rate notes with legal expiry in 2023, to which the agencies Moody's, S&P and Fitch assigned ratings ranging from AAA (for 95% of the issue) to BBB.
The size of the transaction enables to create a substantial liquidity for the securities and expand the number and standing of the underwriting international investors. All the tranche of the issue registered requests far higher (2 to 4 times) than the amount offered; large volumes were requested by France (19.7%), UK (13.5%), Spain (12.4%) and Germany (11.6%). Furthermore the securities issued were also underwritten by financial institutions with registered office in Austria, Belgium and Sweden, which is unusual for a transaction conducted by an Italian issuer.
The high standing of the underlying assets, the very low mortgaged loan to real estate value (LTV ) ratio, the loans' high seasoning (which all imply greater security for the transaction) and wide participation from international institutional investors enabled Banca Intesa to win the prestigious international award.