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Elite Basket bond is an innovative scheme of transaction, which provides companies participating to the ELITE program with an attractive long-term funding solution
ELITE is a program designed by Borsa Italiana to help SMEs in preparing and structuring themselves for the access to capital markets and alternative financing opportunities. ELITE is dedicated to those SMEs, which have a sound business model, a clear growth strategy and a desire to obtain funding in the future.
The innovative funding tool of the Basket Bond is represented by an Asset Backed Security collateralized by a number of bonds issued by the Elite Companies.
In this transaction, Cassa Depositi e Prestiti have played the role of anchor investor jointly with European Investment Bank.
The transaction is characterized by the following main elements:
The transaction is structured in two phases:
The transaction structure envisages a “mutualistic credit enhancement tool” made available by the Issuers. The credit enhancement will be funded on the bond’s issue date by the Issuers by providing with a cash deposit and will start amortizing once the credit enhancement has reached 30% of the total outstanding of the bonds.
This mechanism creates a unique alignment of interest among the Issuers as each company will remain responsible for the performance of the others, despite its timely repayment of its bond.