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Alba Leasing structures STS securitization of lease receivables

November 2021

Client(s) Alba Leasing S.p.A.

Jones Day advised Alba Leasing S.p.A., as originator, in a new securitization transaction with a total nominal value of approximately €1.104 billion. The transaction was carried out by the securitization company Alba 12 SPV through the issuance of two classes of "senior" securities (class A1 securities and class A2 securities), as well as "mezzanine" and "junior" securities for a total amount of approximately €1.11 billion. The senior and mezzanine securities are rated by Moody's, DBRS, and Scope and have been listed on the Irish Stock Exchange.

The class A1 securities were placed on the primary market with qualified investors with the assistance of Banca Akros (investment bank of the Banco BPM group), Intesa Sanpaolo - IMI Corporate & Investment Banking Division, and Société Générale CIB as joint lead managers.

The transaction was structured in accordance with European regulations on "simple, transparent, and standardized" securitizations (STS) pursuant to Regulation 2402/2017.

The transaction, structured by Banca Akros, Intesa Sanpaolo - IMI Corporate & Investment Banking Division and Société Générale CIB as joint arrangers, involved the participation of the European Investment Bank as a subsequent investor of a portion of the A2 class securities and the "mezzanine" securities.

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