Andersen with Socrate SPV on Securitisations

Andersen assisted Socrate SPV S.r.l., a securitisation vehicle, in a major restructuring of its non-performing loan securitisation platform. One of the most innovative aspects of the restructuring was the issuance of a super-senior class of notes, subscribed by an Italian AIF (alternative investment fund) and listed on the Vienna Stock Exchange’s multilateral trading facility (MTF).

The listing aimed to optimise the regulatory treatment of the notes as required by the investor and represents one of the first cases of securities issued by an Italian securitisation vehicle being admitted to trading on the Vienna MTF, a market typically used for bond issuances.

Andersen advised on the transaction with a team led by partner Umberto Mauro, supported by senior associates Mario Alcaro Falchi Delitala and Antonio Muscarà.