First issuance programme
Banca Popolare di Sondrio, with the aim of guaranteeing efficient management of corporate liquidity, has launched a Covered Bond operation.
The operation, which is part of a broader process of effective management of funding sources, is aimed at allowing the company to continue to have adequate means for the new structural liquidity needs and continue to operate in an excellent way on the market.
The Obbligazioni Bancarie Garantite are bonds, issued by a bank ("Issuer"), which are mainly characterized by the presence of an irrevocable, unconditional guarantee, independent of the obligations assumed by the Issuer, represented by a portfolio of loans of primary quality , which is sold by the Issuer to a Vehicle Company. The assets sold constitute separate assets from that of the Vehicle Company for the benefit of the bondholders and other parties in favor of whom the guarantee is issued.
In the transaction in question, the role of Issuer is played by Banca Popolare di Sondrio (hereinafter the "Bank") which has sold, by signing a specific sale contract stipulated on 30 May 2014, but with economic and legal effectiveness starting from 01 June 2014, a first portfolio of primary quality loans, represented by mortgage loans granted to individuals, to a Vehicle Company called "POPSO Covered Bond Srl", established for the purpose and majority owned by the Bank.
The operation generally takes the form of two successive phases:
- transfer of credits (the loans indicated above) by the Bank to POPSO Covered Bond S.r.l
- issue of bonds by the Bank
From a practical point of view, the assignment of mortgages does not involve any change for the Borrowers holding the assigned credits, as the management of banking relationships remains at the reference branch, leaving the conditions, characteristics and sending of communications of the mortgage itself completely unchanged.
As part of the First Issuance Program, various disposals were finalized.
The inventories of all the mortgages previously owned by Banca Popolare di Sondrio S.C.p.A. are shown below, from time to time. as well as the notices of publication in the Gazzetta Ufficiale which contain both the complete list of criteria used to identify the mortgages subject to the various assignments and the obligations pursuant to Article 13 of the Privacy Code.
Full disclosure will be sent to the borrowers affected by the sale at the earliest opportunity.
Each interested borrower can verify the code of their mortgage by consulting the following documents:
- installment debit accountant;
- declaration of interest expense;
- year-end summary document.
First assignment - 01 June 2014
Second assignment- 05 December 2015
Third assignment - 31 January 2016
Fourth assignment - 31 October 2016
Fifth assignment - 30 September 2017
Eighth assignment – 31 October 2022
Ninth assignment – 31 October 2023
Documentation of the first issuance programme
Documentation of the issuance
Attachment Size BP Sondrio CB Investor Presentation marzo 2016 1.32 MB Prospetto del programma di emissione - 23 febbraio 2016 2.25 MB Supplemento al prospetto del programma di emissione - 23 febbraio 2016 161.05 KB
Attachment Size Covered Bond Serie 1 - 05/08/2014-05/08/2019 - IT0005039711 29.38 KB Covered Bond Serie 2 - 04/04/2016-04/04/2023 - IT0005175242 217.29 KB Covered Bond Serie 3 – 24/10/2023-24/10/2028 - IT0005568529 56.65 KB
Issuer's Investors Reports
As required by Regulation 575/2013 ("CRR"), Article 129(7), the following reports are made available:
Prospectus and supplements
Vehicle Company documentation
Annual Reports 2018
Annual Reports 2019
Annual Reports 2020
Annual Reports 2021
Annual Reports 2022
Communications (covered bonds)
First OBG program of Banca Popolare di Sondrio
It should be noted that Banca Popolare di Sondrio, on 23 March 2016, successfully launched the placement of a new issue of Obbligazioni Bancarie Garantite ("OBG") for an amount of Euro 500 million with a maturity of 7 years.
The placement was carried out as part of the € 5 billion covered bond program backed entirely by residential mortgages, the arrangers of which are BNP Paribas and Finanziaria Internazionale.
The Joint Bookrunners in charge of placing the security are BNP Paribas, HSBC, Natixis, Nomura, Société Générale and UniCredit Bank AG.
As for the legal aspects, the bank was assisted by Chiomenti Studio Legale, while the Arrangers and Joint Bookrunners by Allen & Overy.
Finally, we inform you that the issue will be rated by Fitch Ratings.
- First issuance programme
Senior Preferred Green Bond 2023-09
Attachment Size Serie 3 – Final-terms-pricing-2023-09 5.23 MB Green Bond 2023-09 – Investor Presentation 3.27 MB Green Bond Report 2023 2.13 MB Green Bond Report 2023 - Annex - Technical Report – Positive Carbon Impact – CRIF 375.75 KB Green Bond 2023-09 – Framework 1.73 MB Green Bond 2023-09 – Second Party Opinion by Sustainalytics 467.1 KB
Tier 2 Bond 2021-11
Senior Preferred Green Bond 2021-07
Tier 2 Bond 2019-7
Senior Preferred Bond 2019-4
Securitization of credits
Centro delle Alpi RMBS S.r.l.
We inform you that Banca Popolare di Sondrio S.c.p.A., on 16 October 2015, closed the securitization transaction early by repurchasing, en bloc, all the credits owned by the special purpose vehicle "Centro delle Alpi RMBS S.r.l.".
The notice of the transfer of the credits of "Centro delle Alpi RMBS s.r.l" to "Banca Popolare di Sondrio S.C.p.A" and the criteria used were published (pursuant to the law) in the Official Gazette of the Italian Republic of Thursday 22 October 2015 n. 122 part II.
We inform you that, as part of a securitization transaction pursuant to Law no. 130 (the "Law 130"), Banca Popolare di Sondrio S.c.p.A. (the "Assignor"), by virtue of a Credit Transfer Agreement stipulated on June 1, 2020, with legal effect on June 1, 2020 and effective from 11.59 pm on March 31, 2019, has transferred without recourse to Diana SPV Srl, a single-member company with registered office in via V. Alfieri 1, Conegliano (TV), Italy, CF and registration in the register of companies of Treviso-Belluno n. 05053040266, share capital Euro 10,000 fully paid up (the "Transferee"), receivables (for capital, interest, including arrears, accessories, expenses, further damages, indemnities and anything else that may be due), deriving from loan contracts, financing and current account overruns arising in the period between 1989 and 2019, whose debtors were classified as "non-performing" pursuant to the Circular of the Bank of Italy no. 272/2008 (Matrix of Accounts) in the period between 1995 and 2019 and reported in the "Centrale dei Rischi" pursuant to the Circular of the Bank of Italy no. 139/1991. The assigned credits are specifically identified in the assignment contract.
By means of a transfer notice published in the Gazzetta Ufficiale (Second Part No. 68 of 11 June 2020), the Transferee and the Transferor have given notice of the aforementioned transfer.
Pursuant to and for the purposes of Article 7.1, paragraph 6, of Law 130, the indicative data of the receivables being transferred are shown below: the transferring bank, the debtor's NDG code, the code of the relationship classified as non-performing together with the type of relationship.
The indicative data of the transferred credits will remain published on this website until the date of extinction of the transferred credits.
Prelios Credit Servicing S.p.A. has been appointed by the Transferee to perform, in relation to the receivables subject to the assignment, the role of subject in charge of the collection of receivables and of cash and payment services as well as responsible for verifying compliance of the operations with the Law and with the prospectus pursuant to 'Article 2, paragraph 3, letter (c), paragraph 6 and paragraph 6-bis of Law 130. The same Prelios Credit Servicing SpA it was also entrusted with carrying out the activities relating to the (judicial and extrajudicial) recovery of the receivables subject to the assignment, also, if necessary, through the enforcement of the relative guarantees (the "Servicer").
The transferred debtors will receive from the Servicer a specific communication of the transfer, which will also provide all the necessary information in relation to the transferred position. The assigned debtors, however, interested in receiving confirmation from Banca Popolare di Sondrio S.c.p.A. of the transfer of their credit, they can contact their competent branch.
- Centro delle Alpi SME S.r.l.
- Centro delle Alpi RMBS S.r.l.
The information contained in the following section of this website is not intended for distribution, directly or indirectly, in the United States of America, Canada, Japan, Australia or any other Country where the offer of financial instruments is not permitted without the authorizations of the competent Authorities or applicable law exemptions or regulations (the "Other Countries") and does not constitute, or form part of, an offer of financial instruments in the United States of America, Canada, Japan, Australia or Other Countries.
The financial instruments mentioned in the next section of the website are not and will not be registered in the United States of America under the United Securities Act dated 1933 and following amendments, or according to the regulation in force in Canada, Japan, Australia or the Other Countries and therefore they can not be offered or, in any case, delivered, directly or indirectly, in the United States of America, Canada, Japan, Australia or Other Countries in absence of specific authorizations, in accordance with the applicable provisions of law and of regulation or in derogation of the same provisions.
Any offer of financial instruments is neither currently promoted nor will be promoted in the United States of America, Canada, Japan, Australia or Other Countries, nor to residents therein.
In order to enter in the following section of the site it is necessary to carefully read what is written below and to confirm the proposed options.
- not to be physically present in the United States of America, Canada, Australia, Japan and/or anyone of the Other Countries and, therefore, not to accept the Offer from anyone of these States;
- not being, nor acting on behalf or in favour of, a "United States Person" (as defined in Regulation S of the United Securities Act dated 1933, and following amendments), a U.S., Canadian, Australian, Japanese citizen or of anyone of the Other Countries or a person residing in the United States of America, Canada, Australia, Japan or anyone of the Other Countries;
- to have fully read and understood and to accept and respect the restrictions above stated and to undertake not to transmit, by any means even indirectly through third parties, in the United States of America, Canada, Australia, Japan and/or any of the Other Countries any documentation relating to the Offer.