Key Takeaways The Luzzatti Consortium has successfully completed a multi-originator securitization of non-performing loans (NPLs) worth €205 million, reinforcing structured finance mechanisms in Italy’s NPL market. Named Luzzatti Pop NPLs 2024, the transaction involved major legal firms and financial institutions, highlighting increasing market sophistication and investor confidence. Table of Contents Structure of the Securitization Legal Advisory Teams Significance of the Transaction FAQs Structure of the Securitization The transaction involved the issuance of securitization notes by a dedicated vehicle, divided into three tranches: Senior Notes: €47.85 million Mezzanine Notes: €7 million Junior Notes: €1.5 million Gardant was assigned as both the master servicer and special servicer, while Axis managed the portfolio segment composed of NPLs with existing repayment plans under a co-servicing arrangement. Legal Advisory Teams Several top-tier law firms played a crucial role in facilitating the transaction: Hogan Lovells Provided legal assistance to the Luzzatti Consortium and the pool of sellers. The team was led by Managing Partner Italy Patrizio Messina and Counsel Andrea Cicia, supported by Senior Associate Leonardo Bafunno and Associates Giorgia Carrozzo, Giacomo Farinati, Nicoletta Brodo, and Cecilia Cancellieri. Chiomenti Advised Intesa Sanpaolo – Divisione IMI Corporate & Investment Banking, acting as arranger and placement agent. The … Continue reading Luzzatti Consortium Finalizes €205M NPL Securitization