In 2015 the Banca Carige Group carried out a retained (or self-) securitisation of commercial mortgage loans to Small and Medium Enterprises through the special purpose vehicle Lanterna Finance S.r.l.

The transaction was originated by Banca Carige S.p.A., Banca del Monte di Lucca S.p.A. and the companies merged by absorption into the Parent Company, i.e. Cassa di Risparmio di Savona S.p.A., Cassa di Risparmio di Carrara S.p.A and Banca Carige Italia S.p.A.

Within the scope of the transaction, Banca Carige acted as Master Servicer, whilst the other transferring banks acted as Servicers.

The BNP Paribas Group acted as: Account Bank, Cash Manager, Bondholders' Representative, Calculation agent and Paying agent.
The transaction was structured by Unicredit AG.

Class A securities are listed on the Luxembourg Stock Exchange.

On 25 May 2018, a transaction restructuring was carried out, following which:

  • for class A notes, the outstanding balance increased from EUR 5.3 mln to EUR 200 mln, the coupon spread on the 3-month Euribor rate was reduced from 120 bps to 50 bps, with the coupon cap being lowered from 4% to 2.5%;
  • for class B notes, the outstanding balance decreased from EUR 331.8 mln to EUR 137.1 mln;
  • class A notes were rated “Aa3” by Moody's and “AAA” by DBRS.

The restructuring was carried out with the support of Unicredit AG; the assignments held by the BNP Paribas Group and Banca Carige Group’s transferor banks remained unchanged.


investor report