A short-dated loan pool and originator risk retention
enabled UniCredit to place the first German small-and-medium
sized enterprise (SME) backed securitisation since the
financial crisis. But lauding the return of the country’s
SME-backed market might be premature.
Geldilux-TS-10 achieved an investment risk profile which
allowed €500 million of notes to be placed with investors
earlier this month.
A principal factor in gaining investor confidence was the
revolving asset portfolio having a maximum weighted average
life of 90 days and a maximum...