Le Lézard
Classified in: Science and technology, Business
Subject: FEA

Hoist Finance Successfully Completes the Inaugural EUR 225 Million Securitisation Transaction Backed by Italian NPLs


STOCKHOLM, Aug. 20, 2019 /PRNewswire/ -- Hoist Finance has successfully completed the securitisation of a portfolio of Italian non-performing, unsecured loans (NPLs) with a gross book value of EUR 225m (the "Transaction") as announced on 29 July 2019.

The Transaction involves the issuance of two classes of notes issued by the securitisation company Pinzolo SPV S.r.l. (an Italian Law 130 issuer) to finance the purchase of NPLs from the Hoist Finance group company Marte SPV S.r.l. The senior notes ? representing 95% of the issued amount ? were fully subscribed by a fund managed by the global alternative investment manager, CarVal Investors, LLC, and the junior tranche ? representing 5% of total issuance ? retained in full by Hoist Finance. No ratings have been assigned to any of the two classes of notes.

The Transaction reduces Hoist Finance risk-weighted exposures and thereby allows deployment of capital released through the Transaction in new investments. The 60 bps CET1 capital relief resulting from the Transaction corresponds to an additional investment capacity of about EUR 100m.

- I am happy to complete this transaction which not only adds significant investment capacity in favorable market conditions, but also marks an important step towards maintaining a sustainable business model in a post NPL backstop world says Klaus-Anders Nysteen, CEO of Hoist Finance.

Deutsche Bank acted as Arranger and Lead Manager of the Transaction.

For further information, please contact: 
Andreas Lindblom
Head of Investor Relations
Tel: +46-72-506-14-22

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/hoist-finance/r/hoist-finance-successfully-completes-the-inaugural-eur-225-million-securitisation-transaction-backed,c2884600

The following files are available for download:

https://mb.cision.com/Main/8270/2884600/1092566.pdf

Release

 


These press releases may also interest you

at 12:42
The following issues have been halted by IIROC: Company: Abraplata Resource Corp. TSX-Venture Symbol: ABRA (All Issues) Reason: At the Request of the Company Pending News Halt Time (ET): 11:53 AM IIROC can make a decision to impose a temporary...

at 12:38
A strategic agreement between Alila Hotels and Resorts and leading technology provider to the global travel industry, Sabre Corporation , has helped to enable the luxury hotel brand to record significant incremental growth. Propelled by the need...

at 12:30
MaintenX is proud to announce they have achieved more than 365 consecutive days without reported lost time incident. February 11th marked a full year without incident for the Tampa-based preventative and reactive maintenance provider. MaintenX...

at 12:30
The following issues have been halted by IIROC: Company: Amerigo Resources Ltd. TSX Symbol: ARG (All Issues) Reason: Pending News Halt Time (ET): 12:21:00 PM IIROC can make a decision to impose a temporary suspension (halt) of trading in a security...

at 12:30
The Michaels Organization has been selected by Marymount University as its property management partner for The Rixey in Arlington, Virginia. Marymount University and Michaels Student Living will co-manage leasing efforts and solely handle the...

at 12:30
Every Canadian deserves a safe and affordable place to call home. Thanks to investments made by the Government of Canada, residents of Ottawa will soon have access to more stable rental housing options that are affordable to the middle-class, and...



News published on 20 august 2019 at 05:14 and distributed by: