By Cristal Cody
Tupelo, Miss., July 5 – Banca Monte dei Paschi di Siena SpA priced a €2,26 billion collateralized debt obligation offering of asset-backed floating-rate notes secured by small- and medium-sized enterprise loans, according to a market source.
Siena PMI 2016 Srl sold €519.4 million of class A-1 notes at Euribor plus 50 basis points, €400 million of class A-2 notes at Euribor plus 75 bps and €413 million of class A-2 retained notes at Euribor plus 75 bps.
The vehicle also priced €225.8 million of class B notes at Euribor plus 125 bps; €271 million of class C notes at Euribor plus 260 bps; €248.6 million of class D notes at Euribor plus 380 bps and €180.7 million of class J junior notes in the equity tranche.
The notes are due Feb. 20, 2060.
J.P. Morgan Securities plc and Banca IMI SpA were the lead managers.
Banca Monte dei Paschi di Siena will manage the CLO.
The deal is a cash securitization of loans originated by the banks under the Banca Monte dei Paschi di Siena Group to Italian small- and medium-sized enterprise businesses.
Banca Monte dei Paschi di Siena is a Siena, Italy-based bank founded in 1472.
| Issuer: | Siena PMI 2016 Srl
|
| Amount: | €2,258,000,000
|
| Maturity: | Feb. 20, 2060
|
| Securities: | Asset-backed floating-rate notes
|
| Structure: | SME CLO
|
| Underwriters: | J.P. Morgan Securities plc and Banca IMI SpA
|
| Manager: | Banca Monte dei Paschi di Siena SpA
|
| Pricing date: | June 25
|
|
|
| Class A-1 notes
|
| Amount: | €519.4 million
|
| Securities: | Floating-rate notes
|
| Spread: | Euribor plus 50 bps
|
| Ratings: | Fitch: AA
|
|
|
| Class A-2 notes
|
| Amount: | €400 million
|
| Securities: | Floating-rate notes
|
| Spread: | Euribor plus 75 bps
|
| Ratings: | Fitch: AA
|
|
|
| Class A-2 retained notes
|
| Amount: | €413 million
|
| Securities: | Floating-rate notes
|
| Spread: | Euribor plus 75 bps
|
| Ratings: | Fitch: AA
|
|
|
| Class B notes
|
| Amount: | €225.8 million
|
| Securities: | Floating-rate notes
|
| Spread: | Euribor plus 125 bps
|
| Ratings: | Fitch: AA-
|
|
|
| Class C notes
|
| Amount: | €271 million
|
| Securities: | Floating-rate notes
|
| Spread: | Euribor plus 260 bps
|
| Ratings: | Fitch: BB+
|
|
|
| Class D notes
|
| Amount: | €248.6 million
|
| Securities: | Floating-rate notes
|
| Spread: | Euribor plus 380 bps
|
| Ratings: | Fitch: BBB
|
|
|
| Class J equity
|
| Amount: | €180.7 million
|
| Securities: | Junior notes
|
| Ratings: | Non-rated
|
|
|
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