15 October 2026 – Global law firm Hogan Lovells Cadwalader advised Banco Santander and UniCredit Bank GmbH, each acting as arranger, as well as UniCredit Bank GmbH in its capacity as hedging counterparty, in connection with the restructuring of Iulia securitisation transaction, originated by ViViBanca in 2024.
The transaction involved receivables arising from salary- and pension-backed loans (cessione del quinto) and payment delegation loans originated by ViViBanca, with an aggregate value of approximately €340 million.
It was structured in accordance with the criteria for simple, transparent and standardised (STS) securitisations and was designated by ViViBanca as STS through notification to ESMA. PCS acted as third-party verifier. The senior note was rated by Moody’s, Scope and ARC Ratings and admitted to trading on the professional segment of Euronext Access Milan.
The securitisation involved the issuance of two classes of notes: a senior note subscribed by an Italian bank and a junior note subscribed by ViViBanca.
The Hogan Lovells Cadwalader team advising Banco Santander and UniCredit was led by partner Annalisa Dentoni-Litta, with counsel Salvatore Graziadei and associate Leonardo Tripaldi. Partner Madeleine Horrocks, assisted by associate Moad Bahraoui, advised on the derivatives aspects of the transaction.
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