Italian lessor Alba Leasing has securitised €1.1bn (£0.9bn) of credit from its performing leasing contracts.
The securities were placed on the Irish Stock Exchange. The issue was managed by Societe Generale and Intesa Sanpaolo’s investment bank, Banca IMI.
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The securities were issued in five tranches. The highest-scoring classes, rated Aa2 by Moody’s, constituted 63% of the offer. A2-rated securities accounted for 13%, Ba2-rated ones for 9% and unrated ones for 14%.
The European Investment Bank (EIB) group participated both as an investor, with the Bank itself underwriting the entirety of the second-highest-rated tranche, and as a guarantor, through the European Investment Fund.
Alba Leasing said that 24 institutional investors, 20 of which were foreign, participated in the issue. Orders placed for the senior tranche amounted to €1.1bn, against an availability of €478m.
The A2 and Ba2 securities were underwritten by Alba Leasing itself for the time being.
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