Mecenate 2011
The transaction was characterized by a portfolio of n. 3.877 performing residential mortgages loans disbursed to retail clients for a total value of Euro 466 million, of which 60% variable rate, 36.3% fixed rate and 3.7% of "modular" loans (fixed rate for the first two years and variable rate for the subsequent).
The portfolio was geographically concentrated in Central Italy (94.3%), and in particular the 44% in Tuscany and 27.1% in Lazio.
All notes issued in the context of thetransaction have been entirely underwritten by Banca Etruria. The Class A1, Class A2 and Class A3 Notes have been included in the list of eligible usable for refinancing operations at the ECB.
Main purpose of the transaction is to diversifying the sources of funding and to enhance the sources of funding through the processing of transferred assets in refinanced Notes.
Mecenate Srl (SPV) have issued RMBS with legal maturity date 2060, on July 26, 2011:
| Tranches |
Issued Amount (mln €) |
Composition |
Rating |
Spread per annum/ Step-up Oct. 2016 |
|
|
%
|
Fitch |
Moody’s |
(Eur 3m + spread) |
| Classe A1 |
160.000 |
34.35 |
AAA |
Aaa |
190bp/380bp |
| Classe A2 |
90.000 |
19.32 |
AAA |
Aaa |
225bp/445bp |
| Classe A3 |
99.400 |
21.34 |
AAA |
Aaa |
35bp |
| Classe Z (Junior) |
116.406 |
24.99 |
unrated |
unrated |
150bp |
| Total |
465.806 |
100.0 |
|
|
|