Paul Hastings Advises Intesa Sanpaolo on the English and US Law Aspects of its €8 billion Securitisation
London (August 6, 2008) Paul, Hastings, Janofsky & Walker LLP, a leading international law firm, announced today that firm advised the Italian banking group Intesa Sanpaolo on the English and U.S. law aspects in connection to Intesa Sanpaolos launch of a securitisation of a portfolio of performing Italian residential mortgages. The transaction, which closed on August 4, 2008, is valued at approximately €8 billion.
The bond consists of one single tranche (class A) worth €7.558 billion, which is listed on the Luxembourg Stock Exchange and one junior tranche (class B) of €440 million. The notes are issued at par and pay a floating rate based on the six-month Euribor rate.
Banca IMI was lead manager and book runner of the issue. Bonelli Erede Pappalardo was the Italian legal advisor to Intesa Sanpaolo.
London partner Jonathan Simpson led the Paul Hastings team, which included senior associate Costanza Russo and trainee solicitor Anna Hermelin.
"We are delighted to have advised Intesa Sanpaolo on this significant transaction. Given the current state of the financial markets, closing a securitisation deal of this size is a notable achievement for all concerned," said Jonathan Simpson.
About Intesa Sanpaolo: Intesa Sanpaolo is a banking group resulting from the merger between Banca Intesa and Sanpaolo IMI. It has leadership in the Italian market and a strong international presence focused on Central-Eastern Europe and the Mediterranean basin.
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