Banca IMI and Pitagora arranges salary/pension secured loans

Client(s) Banca IMI and Pitagora

Jones Day advised Banca IMI and Pitagora in connection with a new securitization transaction of salary/pension secured loans (so-called “CQS”). The transaction has been carried out through the issuance, under the Italian law No. 130/1999, of partly paid notes by the securitization vehicle Manu SPV. The underlying portfolio has been sold to the SPV by Pitagora, an Italian financial intermediary amongst the leaders in the Italian CQS market and a member of the banking group Cassa di Risparmio di Asti.