Italy’s public sector securitization programme has long been a source of sovereign or sub-sovereign risk for ABS investors. Some €44 billion has been issued so far – half of which is still outstanding. But as more esoteric and illiquid assets come to the table, private, unrated deals will become increasingly important in repackaging these new types of risks.
There is a systemic imbalance in Italy’s healthcare and tax collection sectors that has already prompted a handful of public ABS deals (such as the FL Finance, Atlantide and Cartesio healthcare deals and Euterpe Finance, which was backed by tax credit receivables owed to Ferrovie dello Stato, the state railway system).
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