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Banca Carige completes €964M bad loan portfolio disposal

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Banca Carige completes €964M bad loan portfolio disposal

Banca Carige SpA completed the disposal of a bad loan portfolio of €964 million via the Italian government's guarantee scheme, the lender said Dec. 17.

The portfolio, of which 48% was secured and 52% unsecured, was transferred to a securitization vehicle, Carige said.

A total of €215 million in securities were issued, comprising a senior tranche of €175 million, a mezzanine tranche of €30 million and a junior tranche of €10 million.

The bank said it was a year ahead of the ECB's target for reducing its pile of nonperforming loans.

J.P. Morgan and Banca IMI served as arrangers for the transaction, while Allen & Overy and Orrik, Herrington & Sutcliffe were engaged to act as legal advisers of the arranger and the originator.