Compass completes €950m SRT-compliant consumer credit securitisation

Compass has finalised a new securitisation of consumer credits for a nominal value of approximately €950 million. The transaction represents the company’s third cash securitisation structured in compliance with the regulatory requirements for Significant Risk Transfer (SRT).

Mediobanca acted as the arranger for the operation and served as joint lead manager alongside a syndicate of financial institutions including BNP Paribas, Bank of America, Crédit Agricole Corporate and Investment Bank, Intesa Sanpaolo (IMI CIB Division), and Societe Generale.

A&O Shearman assisted Compass and the arranger Mediobanca, managing the drafting of the contractual documentation and the SRT notification. The firm’s team was directed by partner Pietro Bellone, supported by senior associate Fabio Gregoris and trainees Luca Marchesini and Dario Illice. Senior associate Giovanni Chiarli provided support regarding the hedging derivative contract, while tax aspects were managed by counsel Elia Ferdinando Clarizia.

Chiomenti provided legal assistance to the joint lead managers with a team led by partners Gianrico Giannesi and Irene Scalzo, supported by senior associate Alessandra Biotti and associate Flavia Spaziani Testa. The tax profiles of the transaction were overseen by of counsel Maurizio Fresca and senior associate Giovanni Massagli.