iLS has advised Bayview Global Opportunities Fund S.C.S. SICAV-RAIF on the consolidation of its and Christofferson Robb & Company’s investments in Italian NPLs in a single securitisation transaction arranged by Mediobanca and JP Morgan and carried out by Belvedere SPV.
Belvedere SPV has issued three classes of asset-backed notes for a total face amount of approximately Euro 485 million. The senior notes have been assigned investment grade credit rating by Moody’s, DBRS and Scope, and have been underwritten in full by Mediobanca.
This transaction is the first non-GACS NPL rated deal since the financial crisis and is believed to be capable of opening the way for future similar transactions in the market.