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Creval transfers NPL book, issues €586.3M in asset-backed securities

Italy's Credito Valtellinese SpA transferred a portfolio of nonperforming loans, with a gross book value of about €1.6 billion, to securitization vehicle Aragorn.

The bank said the deal brings its NPL ratio down to 11.5% on a pro forma basis from 19.3% as of March 31. The accounting effects from the sale will be reflected in the bank's half-year results.

Creval also issued €586.3 million in three classes of asset-backed securities, comprising a €509.5 million senior tranche with a yield equivalent to the six-month euro interbank offered rate plus 0.50 basis points, a €66.8 million mezzanine tranche and a €10 million junior tranche, which were both placed for 95% with institutional investors.

The senior notes will be retained entirely by Creval and are expected to benefit from the GACS guarantee from the Italian government, the bank noted.

The deal brings aggregate NPL sales by the bank from 2015 to about €4 billion, with a reduction of about 67% in its gross nonperforming exposures.