New Consumer Credit Securitisation originated by Agos Ducato S.p.A.

Banca Akros acted as Joint Arranger and Joint Lead Manager

• Sunrise 2019-2 is the second securitisation originated by Agos Ducato S.p.A. placed on the market and structured according to the new STS (Simple, Transparent and Standardised) rules, in which Banca Akros acted as Joint Arranger and Joint Lead Manager.
• Agos Ducato S.p.A. sold a portfolio of performing consumer loans amounting to approximately €1,146 million to a special purpose vehicle (SPV), which financed the purchase by issuing four classes of ABS: Class A, amounting to €793,400,000, was placed on the market while Classes B, C, D, E and M were retained by the Originator.
• Class A is rated AA(h) and AA by DBRS and Fitch, respectively. The rating reflects the high credit enhancement supporting Class A: Subordination of 30.5% and Cash Reserve built up at closing equal to 0.5% of the Portfolio (target of 2.5% during the Revolving Period). Furthermore, Class A enjoys a high Excess Spread resulting from the Portfolio’s WA Interest Rate of 7.40%.
• Sunrise 2019-2 was announced to the market on 15 October 2019. The book was opened on Tuesday 22 October 2019 starting with an IPT for Class A of 1mE + [60a] bps. With a Guidance of 1mE + [55-57 bps] (WPIR), pricing of 1mE + 55 bps was achieved on Wednesday 23 October 2019.
• The book was covered approximately 2.0 times and the transaction benefited from a good diversification both in terms of geography and type of investors.
• Sunrise 2019-2 is the eighth Extraordinary Finance transaction carried out during 2019 by the Securitisation and Structured Solutions Team.

TEAM

Investment Banking

Giuseppe Puccio

Securitisation & Structured Solutions

Paolo Zisa

Andrea Zorzetto

Claudia Reali

Marco Mollura

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