Banca Sistema and Banca IMI act as co-arrangers in €300 million securitization of receivables deriving from salary secured loans in warehouse phase

Client(s) Banca Sistema S.p.A. and Banca IMI S.p.A.

Jones Day represented Banca Sistema S.p.A. and Banca IMI S.p.A., as co-arrangers, in a €300 million (US$333.3 million) securitization of receivables deriving from salary secured loans ("CQS") in connection with the warehouse phase. The transaction has been carried out pursuant to the Italian securitization law (Law 130/99 SPV) through the issuance, by Quinto Sistema Sec. 2016 S.r.l., of three classes of asset- backed notes having a "partly paid" structure.