The bank’s E2.2bn issue, launched in April 2003, turned out to be the largest ever prime residential mortgage-backed securitisation (RMBS) in the Italian market, with ABN AMRO as sole bookrunner and BNL as co-arranger and joint lead manager. The issue was structured in four 3.7 to 10.5 year tranches with ratings ranging from AAA/Aaa to BBB/Baa2. The issue followed on from BNL’s E1.24bn securitisation of lease receivables that had been launched the previous year.
“We are working on another residential mortgage transaction to be launched in 2004, this will be in the range of E1bn-E1.2bn,” says Paolo Tesoro, BNL’s group treasurer.
