EX C Prospectus Cassa Centrale
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Prospectus dated 3 July 2007 Cassa Centrale Securitisation S.r.l. (incorporated with limited liability under the laws of the Republic of Italy) € 233,600,000 Class A1 Asset Backed Floating Rate Notes due 2043 Issue Price: 100 per cent. € 202,050,000 Class A2 Asset Backed Floating Rate Notes due 2043 Issue Price: 100 per cent. € 17,500,000 Class B Asset Backed Floating Rate Notes due 2043 Issue Price: 100 per cent. This Prospectus contains information relating to the issue by Cassa Centrale Securitisation S.r.l. (the “Issuer”) of the € 233,600,000 Class A1 Asset Backed Floating Rate Notes due 2043 (the “Class A1 Notes”), € 202,050,000 Class A2 Asset Backed Floating Rate Notes due 2043 (the “Class A2 Notes” and, together with the Class A1 Notes, the “Class A Notes”) and the € 17,500,000 Class B Asset Backed Floating Rate Notes due 2043 (the “Class B Notes” and, together with the Class A Notes, the “Senior Notes”). In connection with the issue of the Senior Notes, the Issuer will issue 26 series of junior notes for an aggregate amount of € 8,784,000 divided as follows: € 178,000 Class C1 Asset Backed Floating Rate Notes due 2043 (the “Class C1 Notes”), € 309,000 Class C2 Asset Backed Floating Rate Notes due 2043 (the “Class C2 Notes”), € 479,000 Class C3 Asset Backed Floating Rate Notes due 2043 (the “Class C3 Notes”), € 188,000 Class C4 Asset Backed Floating Rate Notes due 2043 (the “Class C4 Notes”), € 315,000 Class C5 Asset Backed Floating Rate Notes due 2043 (the “Class C5 Notes”), € 398,000 Class C6 Asset Backed Floating Rate Notes due 2043 (the “Class C6 Notes”), € 258,000 Class C7 Asset Backed Floating Rate Notes due 2043 (the “Class C7 Notes”), € 205,000 Class C8 Asset Backed Floating Rate Notes due 2043 (the “Class C8 Notes”), € 306,000 Class C9 Asset Backed Floating Rate Notes due 2043 (the “Class C9 Notes”), € 546,000 Class C10 Asset Backed Floating Rate Notes due 2043 (the “Class C10 Notes”), € 203,000 Class C11 Asset Backed Floating Rate Notes due 2043 (the “Class C11 Notes”), € 433,000 Class C12 Asset Backed Floating Rate Notes due 2043 (the “Class C12 Notes”), € 176,000 Class C13 Asset Backed Floating Rate Notes due 2043 (the “Class C13 Notes”), € 427,000 Class C14 Asset Backed Floating Rate Notes due 2043 (the “Class C14 Notes”), € 324,000 Class C15 Asset Backed Floating Rate Notes due 2043 (the “Class C15 Notes”), € 206,000 Class C16 Asset Backed Floating Rate Notes due 2043 (the “Class C16 Notes”), € 880,000 Class C17 Asset Backed Floating Rate Notes due 2043 (the “Class C17 Notes”), € 370,000 Class C18 Asset Backed Floating Rate Notes due 2043 (the “Class C18 Notes”), € 264,000 Class C19 Asset Backed Floating Rate Notes due 2043 (the “Class C19 Notes”), € 365,000 Class C20 Asset Backed Floating Rate Notes due 2043 (the “Class C20 Notes”), € 215,000 Class C21 Asset Backed Floating Rate Notes due 2043 (the “Class C21 Notes”), € 242,000 Class C22 Asset Backed Floating Rate Notes due 2043 (the “Class C22 Notes”), € 581,000 Class C23 Asset Backed Floating Rate Notes due 2043 (the “Class C23 Notes”), € 371,000 Class C24 Asset Backed Floating Rate Notes due 2043 (the “Class C24 Notes”), € 321,000 Class C25 Asset Backed Floating Rate Notes due 2043 (the “Class C25 Notes”) and € 224,000 Class C26 Asset Backed Floating Rate Notes due 2043 (the “Class C26 Notes” and, together with the Class C1 Notes, the Class C2 Notes, the Class C3 Notes, the Class C4 Notes, the Class C5 Notes, the Class C6 Notes, the Class C7 Notes, the Class C8 Notes, the Class C9 Notes, the Class C10 Notes, the Class C11 Notes, the Class C12 Notes, the Class C13 Notes, the Class C14 Notes, the Class C15 Notes, the Class C16 Notes, the Class C17 Notes, the Class C18 Notes, the Class C19 Notes, the Class C20 Notes, the Class C21 Notes, the Class C22 Notes, the Class C23 Notes, the Class C24 Notes, the Class C25 Notes and the Class C26 Notes, the “Junior Notes”, and, together with the Senior Notes, the “Notes”). Each Originator will fully subscribe a Class of the Junior Notes. The Issuer is incorporated under article 3 of Italian law No. 130 of 30 April 1999 (Disposizioni sulla cartolarizzazione dei crediti), as amended from time to time (the “Securitisation Law”), having its registered office at via Pontaccio, 10, I-20121 Milan, Italy, and is registered both with Ufficio Italiano dei Cambi and with the Bank of Italy pursuant to, respectively, article 106 and article 107 of Italian legislative decree No. 385 of 1 September 1993 (the “Banking Act”). This Prospectus is issued pursuant to Article 2, paragraph 3, of the Securitisation Law and constitutes a prospetto informativo for all Classes of Notes in accordance with the Securitisation Law. The Junior Notes are not being offered pursuant to this Prospectus. The net proceeds of the offering of the Notes will be applied by the Issuer to fund the purchase of 26 portfolios (each a “Portfolio” and, collectively, the “Portfolios”) of monetary claims and other connected rights arising under residential and commercial (i) mortgage loans which qualify as mutui fondiari and (ii) other mutui ipotecari mortgage loans (the “Claims”) granted, respectively, by BCC Alta Valdisole, BCC Alto Garda, BCC Alto Vicentino, BCC Ancona, BCC Banca Veneta, BCC Camerano, BCC Cavola e Sassuolo, BCC Centrofiemme, BCC Centro Valsugana, BCC Lavis, BCC Lucinico, BCC Marcon, BCC Mezzolombardo, BCC Mori, BCC Pergine, BCC Pinzolo, BCC Prealpi, BCC Rovereto, BCC Trento, BCC Tuenno, BCC Valle dei Laghi, BCC Valli di Primiero, BCC Veneziano, Cassa Raiffeisen Brunico, Cassa Raiffeisen Merano and Cassa Raiffeisen Valle Isarco (each of them, as defined below). The Portfolios have been purchased by the Issuer under the terms of 26 transfer agreements entered into between the Issuer and each Originator pursuant to the Securitisation Law on 24 May 2007 (each a “Transfer Agreement” and collectively the “Transfer Agreements”). Interest on the Notes will accrue from 6 July 2007 (the “Issue Date”) and will be payable on 4 December 2007 (the “First Payment Date”) and thereafter quarterly in arrears on 4 March, 4 June, 4 September and 4 December in each year (in each case, subject to adjustment for non-business days as set out in Condition 6 (Interest)) (each a “Payment Date”). The Notes will bear interest from (and including) a Payment Date to (but excluding) the following Payment Date (each an “Interest Period”) provided that the first Interest Period (the “Initial Interest Period”) shall begin on (and include) the Issue Date and end on (but exclude) the First Payment Date. The rate of interest applicable to the Senior Notes for each Interest Period shall be the rate offered in the euro-zone inter-bank market (“EURIBOR”) for three-month deposits in euro (save that for the Initial Interest Period the rate will be obtained upon linear interpolation of EURIBOR for four- and five-month deposits in euro) (as determined in accordance with Condition 6 (Interest)), plus the plus a margin of (i) 0.11 per cent. per annum in relation to the Class A1 Notes; (ii) 0.16 per cent. per annum in relation to the Class A2 Notes; and (iii) 0.45 per cent. per annum in relation to the Class B Notes. Application has been made to the Commission de Surveillance du Secteur Financier (the “CSSF”), as competent authority under Directive 2003/71/EC (the “Prospectus Directive”), for the Prospectus to be approved. Application has been made to the Luxembourg Stock Exchange for the Senior Notes to be admitted to the Official List of the Luxembourg Stock Exchange and to be traded on the Regulated Market of the Luxembourg Stock Exchange "Bourse de Luxembourg" which is regulated by Directive 2004/39/EC on Markets in Financial Instruments. Approval by the CSSF relates only to the Senior Notes which are to be admitted to trading on the regulated market of the Luxembourg Stock Exchange or other regulated markets for the purposes of the Prospectus Directive. No application has been made to list the Junior Notes on any stock exchange. This Prospectus will be available on the Luxembourg Stock Exchange website at www.bourse.lu. The Class A1 Notes are expected, on issue, to be rated “Aaa” by Moody’s Investors Service (“Moody’s”) and “AAA” by Standard & Poor’s Rating Services, a division of the McGraw-Hill Companies Inc. (“S&P” and, together with Moody’s, the “Rating Agencies“, which expression shall include any successor). The Class A2 Notes are expected, on issue, to be rated “Aaa” by Moody’s and “AAA” by S&P. The Class B Notes are expected, on issue, to be Senior “A2” by Moody’s and “A” by S&P. No rating will be assigned to the Junior Notes. A credit rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal by the assigning rating organisation. Payments under the Notes may be subject to withholding for or on account of tax, or to a substitute tax, in accordance with Italian legislative decree No. 239 of 1 April 1996, as subsequently amended. Upon the occurrence of any withholding for or on account of tax, whether or not in the form of a substitute tax, from any payments under the Notes, neither the Issuer nor any other person shall have any obligation to pay any additional amount to any holder of Notes of any Class.