Mediobanca completes the placement of Quarzo ABS for €450M

Mediobanca has completed the placement of Quarzo ABS, the securitization of Compass Banca receivables, raising a total amount of €450m. The deal has seen Compass return to the institutional market following the public placement made in March 2022 (Quarzo 2022, chronologically the last market deal by an Italian issuer), consolidating the Mediobanca Group’s position as one of the most regular issuers in this segment at European level. The issue was priced at 95 basis points above Euribor 3M.

The portfolio consists of performing zero-interest loans with a total net amount of €700m. Some 63% of the pool is made up of personal loans, and the remainder of finance to acquire new vehicles (15%) and used vehicles (13%), and of special purpose loans (9%).

All the leading European ABS investors were involved in the bookbuilding process, now successfully completed, and the order book exceeded €700m, allowing the initial guidance to be narrowed by 5 bps.

The deal is further testimony to the Mediobanca Group’s capability to access funding continuously and on competitive terms, even in volatile market conditions, on the back of the broad range of funding channels and instruments it has available.

Milan, 4 May 2023