Since the launch on 12 December of the first Elite Basket Bond, a simultaneous issue of 10-year bonds involving 10 companies on the Borsa Italiana ELITE platform which supports high growth potential companies, facilitating their access to the capital market, Sinloc has been among its key promoters.
Elite and Banca Finint developed a “basket” solution aimed at supporting the growth of companies involved in the programme.
Banca Finint, in turn, entrusted Sinloc with the role of monitoring agent. The monitoring agent is responsible for verifying that the issuers maintain an adequate level of solidity and profitability to protect investors throughout the entire duration of the transaction. This control takes the form of a six-monthly review of compliance with certain financial ratios.
The Elite Basket Bonds were fully subscribed by a Special Purpose Vehicle (SPV) which issued a single type of security. In essence, it carried out a € 122 million securitisation. The transaction involves 10 ELITE companies: Damiano, Irritec, L. Molteni & C. dei F.lli Alitti, M.E.P. Macchine Elettroniche Piegatrici, Objectway Group, Officine Metallurgiche G. Cornaglia, Peuterey, Radio Dimensione Suono, Svas Biosana and Tecnocap.
The securitisation’s main investors are the European Investment Bank (EIB) and Cassa Depositi e Prestiti (CDP) which have respectively subscribed 50% and 33% of the total bond issued by the SPV.
