Italy's latest twist on securitisation

Public finance

The newest Italian government agency debt securitisation is an unusual e3.6 billion transaction backed by thousands of loans made by the Cassa Depositi e Prestiti (CDP), the Rome-based public financing body. The number of loans – about 2,000 – and their diversity makes the portfolio’s credit risk difficult to ascertain, so, in a new twist for the Italian securitisation market, the CDP and its advisers have divided the collateral into a series of homogenous portfolios to be sold

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