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The operation consists in a guarantee to Banca Nazionale del Lavoro (BNL) covering the mezzanine tranche of a granular portfolio of loans to small, medium sized enterprises (SMEs), mid-caps and large corporates in Italy. The transaction, which is an unfunded mezzanine investment on a synthetic ABS originated by BNL, is a de-linked product aiming at relieving capital on an existing loan portfolio.
The aim is to enhance access to finance for the specific market segment. More specifically, the guarantee will enable BNL to generate a new portfolio of loans to support working capital and investments needs of the target beneficiaries. Additionally, 25 % of the new loans will finance projects accelerating the sustainable transition of the Italian economic fabric and businesses towards energy efficiency, energy production from alternative sources and CO2 emission reduction. Finally, the operation will bring a positive economic and social impact nationwide since BNL will deploy 50% of the new portfolio to the benefit of SMEs, mid-caps and large corporates operating and/or domiciled in eligible Cohesion Regions, namely in Southern and Insular Italy.
The operation supports the financing of SMEs and Midcaps in their funding challenges and their investment efforts in an environment of high inflation, steeply increased interest rates and macroeconomic uncertainties due to the geopolitical tensions.
Moreover, the whole Italian economic fabric is also facing the challenge of the Climate change and the call for a sustainable green transition as per the Italy's Decarbonation Strategy by 2030. In this regards, the operation will be targeting Climate Action and Environmental sustainability's projects in the field of renewable energy production and energy efficiency. The main Climate action element of the operation, renewable energy and energy efficiency projects, reduces negative carbon and air pollution externalities and increases comfort and air quality in the dwellings, social and public benefits that are not fully internalised by private investors.
The EIB participation is hence critical in a negative economic context when the SMEs and MidCaps are likely to lower their investment activity and plans, and is also innovative considering the type of operation which generate a capital benefit to the Financial Intermediary which is able to generate multiplied portfolios of lending to eligible final beneficiaries.
Banca Nazionale del Lavoro S.p.A. shall take all the required measures to ensure that final recipients meet the EIB's environmental standards and related EU and national legislation.
Banca Nazionale del Lavoro S.p.A. shall take all the required measures to ensure that final recipients meet the EIB's procurement standards and related EU and national legislation.