"Fides Completes €300 Million Securitization Deal with Crédit Agricole and Banca Finint"

"Fides, part of Gruppo Banco Desio, completed a private financing operation worth over €300 million, backed by salary/pension assignment or payment delegation credits. The deal was structured using securitization by Banca Finint as arranger and Crédit Agricole Corporate and Investment Bank as co-arranger and senior title subscriber. Legal and fiscal aspects were managed by A&O Shearman's team, led by partner Pietro Bellone."

Allen & Overy Shearman assisted Fides, a financial intermediary of Gruppo Banco Desio, in the structuring of a private financing transaction. Banca Finint and Crédit Agricole Corporate and Investment Bank also played key roles in the transaction, with Banca Finint acting as arranger and Crédit Agricole Corporate and Investment Bank as co-arranger. The transaction involved the securitization of receivables backed by assignments of one-fifth of salaries/pensions or payment delegations, with a total value exceeding 300 million euros. Crédit Agricole Corporate and Investment Bank subscribed to the senior notes and acted as swap counterparty, while Banca Finint took on multiple roles, including corporate servicer, calculation agent, back-up servicer facilitator, and representative of the noteholders. The Allen & Overy Shearman team was led by partner Pietro Bellone, supported by associate Aldo Brombin Tuzzato and trainees Anna Zanolli and Francesco Piantoni. Senior associate Giovanni Chiarli, assisted by trainee Saul Blankstone, handled the derivative coverage aspects. Counsel Elia Ferdinando Clarizia managed the tax-related matters.

"Fides Completes €300 Million Securitization Deal with Crédit Agricole and Banca Finint"

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