Cases & Deals

Banca Akros and Banco BPM structure trade receivables securitization originated by Unoenergy

Clients Banca Akros S.p.A. and Banco BPM

Jones Day advised Banca Akros, as arranger, and Banco BPM, as senior investor, in the structuring of a securitization transaction concerning trade receivables originated by Unoenergy (formerly “Unogas S.p.A.”) deriving from the supply of natural gas and/or electricity to apartment buildings. The transaction was carried out through the issue, by the special purpose vehicle “SUN SPV S.r.l.”, of three classes of asset-backed securities having “partly-paid” structure that were subscribed by Banco BPM (as senior investor), Unoenergy (as mezzanine investor) and Trinity Fund through P&G SGR (as junior investor). In the context of the securitization, Banco BPM also acts as sponsor and investor of the mezzanine and junior notes for the purposes of compliance with the retention obligations provided for by EU Regulation 2402/2017.