Barclays Prices Mortgage-Backed Notes in Deal With GoldenTree [BNN Bloomberg (Canada)]
MEDIOBANCA SPA UNSP/ADR (MDIBY)
NASDAQ:AMEX Investor Relations:
mediobanca.com/en/investor-relations/index.html
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Source: BNN Bloomberg
Under the deal, Barclays is transferring the mortgages — which have a €4.1 billion ($4.4 billion) face value — to a special-purpose vehicle called Miltonia Mortgage Finance S.r.l.. Miltonia will then issue notes backed by the mortgages. The transaction is part of Barclays' exit from Italian retail banking, which follows the sale of its consumer-finance operations in the country to Mediobanca in 2015. While funds and accounts managed by GoldenTree have agreed to purchase a portion of the Miltonia-issued securities, Barclays will hold on to the largest, a €3.65 billion chunk of class A bonds. The senior notes, which were priced at par, will have an initial margin of 90 basis points over three-month Euribor, according to a person familiar with the matter. The mezzanine and junior portions of the Miltonia notes have been priced at a discount to their face value, the person said, asking not to be identified because the details aren't public. Barclays will also hold a slice of th
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