Clifford Chance advised two leading global investment funds on their investment in a €48 million portfolio of Italian NPLs and UTPs

The firm has advised two leading global investment funds and their affiliates in connection with their successful bid to acquire, through an Italian securitisation structure, a €48 million portfolio of non-performing and unlikely-to-pay receivables benefitting from the guarantee of the Italian guarantee fund for small and medium enterprises, originated by 43 banks belonging to the banking group "Gruppo BCC Iccrea".

In the context of the transaction, the legal relationships from which the unlikely-to-pay receivables arise were purchased by Banca Finanziaria Internazionale S.p.A., as fronting entity.

Clifford Chance acted with a team led by partner Gianluca Fanti and composed of counsel Riccardo Verzeletti, associate Federico Notarianni and trainee Francesco Balli (all GFM, Milan).