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Signature(s)

Amount
€ 120,000,000
Countries
Sector(s)
Italy : € 120,000,000
Credit lines : € 120,000,000
Signature date(s)
26/11/2021 : € 120,000,000

Summary sheet

Release date
24 March 2022
Status
Reference
Signed | 26/11/2021
20210349
Project name
Promoter - financial intermediary
UC ENHANCED COVID19 SME & MIDCAP SUPPORT II
UNICREDIT SPA
Proposed EIB finance (Approximate amount)
Total cost (Approximate amount)
EUR 120 million
EUR 840 million
Location
Sector(s)
Description
Objectives

Guarantee to a mezzanine tranche on a Unicredit granular portfolio in order to support new lending to small and medium-sized enterprises (SMEs) and mid-caps in Italy.

The operation aims at enhancing access to finance for the specific market segment. In detail, the transaction is an unfunded Asset Backed Securities mezzanine investment, a de-linked product aiming at relieving capital on existing loan portfolio which will be redeployed into new financing.

Additionality and Impact

The operation supports the financing of SMEs & Midcaps affected by the Covid-19 via bank intermediation in order to fight the adverse economic effects of the pandemic. This finance proves critical to provide financial support to SMEs & Midcaps whose own existence is at risk given the lockdown measures that have been implemented in Italy. In addition, a large portion of the new SME portfolio will be originated in the most severely affected regions: Lombardy, Veneto and Emilia Romagna. In line with the legacy, it is expected that the manufacturing sector will absorb a large portion of the new allocations. The Italian manufacturing sector ? accounting for around 17% of value added - is the second largest in the EU and disruptions may cause significant spill-overs to other EU countries. Italian SMEs are highly integrated in local and global value chains, very internationalized and highly labour intensive, particularly those based in the northern regions. In this context, lower investment activity is likely, as companies' investment decisions are being postponed/cancelled against the backdrop of spiking uncertainty and tighter financing conditions, which will impact severely the employment. EIB participation is critical to unlock financing to SMEs given that the securitization market is completely stalled. 

Environmental aspects
Procurement

The EIB will require that UC take all the required measures to ensure that final recipients (SMEs and mid-caps) meet the EIB's environmental standards and related EU/national legislation.

The EIB will require that UC take all the required measures to ensure that final recipients (SMEs and mid-caps) meet the EIB's procurement standards and related EU/national legislation.

Related projects
Link to source

Disclaimer

Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).

scoreboard - EU PL ABS COVID19 RESPONSE FOR SMES&MIDCAPS
Publication Date
1 Sep 2020
Document Language
English
Main Topic
lending
Document Number
133221926
Document Focus
EFSI legal requirements
Document Type
Scoreboard
Project Number
20210349
Last update
2 Sep 2020
Sector(s)
Credit lines
Countries
Italy
Publicly available
Download now
Link to source

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