Banca Akros Arranger in Project Rockets – GACS NPL securitisation of Banco BPM

Banca Akros acted as Arranger in the context of Project Rockets, a securitisation involving the sale of a portfolio of non-performing loans belonging to Banco BPM and structured to allow senior securities to benefit from the GACS.

The transaction involved selling a portfolio of non-performing loans totalling approximately Euro 1.5 billion of GBV to the Aurelia SPV Srl vehicle.

The vehicle issued three classes of ABS: senior, mezzanine and junior. The senior class is rated BBB(sf) by DBRS Morningstar and Scope Ratings and will be eligible for the Gacs guarantee.

This is an innovative GACS transaction, as it envisages that at issue a Real Estate Owned Company will support the value of the real estate at auction (Aurelia ReoCo Srl).

The Securitisation & Structured Solutions team, coordinated by the Investment Banking department headed by Giuseppe Puccio, oversaw the transaction.

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