22 February 2016
SIENA LEASE 2016-2 S.r.l.: new securitisation of MPS Leasing & Factoring placed on the capital markets
Monte dei Paschi di Siena Leasing & Factoring S.p.A. has completed a new securitisation of a portfolio of performing lease receivables sold to the SPV, SIENA LEASE 2016-2 S.r.l. The portfolio, comprised of more than 13 thousand loans, has an outstanding principal amount of around Euro 1.615 billion out of which over the 60% are real estate leasing.
In order to finance the acquisition, the SPV issued five classes of notes for a total amount of around Euro 1.62 billion, with legal maturity date falling on September 2040.
The senior and mezzanine notes are listed on the Luxembourg Stock Exchange and have obtained the following ratings by Fitch and Moody’s:
| Class | Euro | Fitch | Moody’s |
| Class A | 761,300,000 | “AA+sf” | “Aa2 (sf)” |
| Class B | 202,500,000 | “BBB+sf” | “A2 (sf)” |
| Class C | 202,500,000 | “Bsf” | “Ba3 (sf)” |
| Class D | 251,000,000 | No rating | “Caa2 (sf)” |
SIENA LEASE 2016-2 has issued also a class of unrated junior notes for an amount of Euro 202,530,000.
The Class A Notes, with a floating rate coupon equal to Euribor 3M plus 125 bps, have been entirely placed on the market through a successful public offer to professional investors, while the remaining Notes have been subscribed by MPS Leasing & Factoring.
In the contest of this public transaction, Securitisation Services acts as:
- Corporate Servicer
- Back-up Servicer
- Representative of the Noteholders
- Calculation Agent