This is the first securitization from Intesa Sanpaolo and the third one considering the previous two RMBS transactions made on the assets of the bank.
Under the terms of the transaction, the mortgages were divided into five classes of notes, which will be issued at a price equal to 100% of the nominal amount of the notes and pay a floating rate coupon equal to the three-month Euribor rate plus the appropriate spreads rate.
The Italian bank has also claimed that it has received offers of almost three times as much as its E3.5 billion, up to E9 billion.
The notes have been mostly distributed to European investors, with the majority in the UK. Only 8% have been placed in Italy.
