International law firm Simmons & Simmons has advised AnaCap Financial Partners LLP (via one of its managed funds), Banca IMI and Phoenix investment Partners (as arrangers), in the disposal of a portfolio of receivables comprising loans secured by salary advances and payment delegations granted to customers of Consum.it, an intermediary of the Monte dei Paschi di Siena group specialized in consumer credit.

The transaction was structured as a securitization of receivables pursuant to Law 130/1999 and entailed the issue of three classes of asset-backed securities, totalling approximately Euro 550m Rating agencies Moody’s and DBRS have rated the senior and mezzanine classes. Banca IMI and Phoenix Investment Partners acted as arrangers.

The Simmons & Simmons team was led by partners Vinicio Trombetti, Michele Citarella, Michael Dodson and Nick Cronkshaw (for the English law aspects), and a team comprising Giulia Arenaccio, Alessandro Engst, Aron Joy, Luisella Quadrelli, Azzurra Campari, Riccardo Franceschelli, Lorenzo Toppini and Mirella Di Carlo.