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Monte dei Paschi completes securitization for €24.1B bad-loan portfolio sale

Banca Monte dei Paschi di Siena SpA completed the securitization for the sale of a bad-loan portfolio worth around €24.1 billion, obtaining investment-grade ratings on the senior tranche.

The Italian lender said the senior notes were issued for €2.92 billion, with GACS guarantees — the Italian guarantee scheme to facilitate the securitization of nonperforming loans — on the notes expected to be obtained over the coming weeks.

The mezzanine notes, meanwhile, were issued for €847.6 million and the junior notes were issued for roughly €565 million. After obtaining GACS on the senior notes, the lender said it would sell the junior notes to the Italian Recovery Fund, formerly Atlante II, managed by Quaestio Capital SGR. The mezzanine notes were sold to the fund in December 2017.

Monte dei Paschi expects the bad-loan portfolio to be deconsolidated by June.

The bad-loan sale process outlined in its restructuring plan is proceeding on schedule, the bank said.