Cases & Deals

Intesa Sanpaolo, Banco BPM, IMI Corporate & Investment Banking, and Banca Akros restructure and increase notes to Perseveranza securitization

Clients Intesa Sanpaolo, Banco BPM, IMI Corporate & Investment Banking, and Banca Akros

Jones Day advised Intesa Sanpaolo and Banco BPM (as senior investors), Intesa Sanpaolo's IMI Corporate & Investment Banking Division and Banca Akros (as arrangers), and the mezzanine and junior institutional investors, in connection with the restructuring and increase of notes made to securitization transaction named "Perseveranza", implemented in April 2021 by Credimi (leader in the European Union of digital financing for SMEs). The changes made to the securitization have led to an increase in the size of the ABS securities, originally issued by the special purpose vehicle Perseveranza SPV, up to €350 million, making it the largest fintech securitization implemented in Italy and among the largest implemented in Continental Europe.