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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.
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.
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.