Italian banking group UniCredit is preparing to launch a Ђ300m bond securitising credit granted to small-and medium-sized enterprises (SMEs) in northwest Italy, after successfully issuing a similar bond last year.
UniCredit plans to begin bookbuilding at the beginning of December, in view of a likely launch in the middle of the month.
The bond, PMI Due, will securitise five-year loans granted to 737 SMEs, allowing these companies access to credit without collateral, while allowing investors to diversify risk over a large number of borrowers.
The bond's predecessor, PMI Uno, was issued last year with a 30 base point spread on the Euribor rate, and has traded on the secondary market in recent days with a spread of around 20 base points.
Source: Il Sole
