What we do

Gardant as GACS partner

The Gardant Group is a leading operator in the securitisation sector with GACS (Guarantee on Securitisation of Non-performing loans).

GACS, initially introduced by the Law Decree No. 18 of 15 February 2016 (later converted by Law No. 49/2016), is one of the instruments available to Italian banks that has given the greatest impetus to the deleveraging process in the sector.

We have finalised numerous securitisation transactions with GACS, within which we play, among others, the role of both master servicer and special servicer:

AURELIA SPV

OPERATION ROCKETS
Securitization of a EUR 1.5 billion portfolio of non-performing loans originated by Banco BPM S.p.A.

POP NPL 2020

POP NPLS 2020 OPERATION
Securitisation of a EUR 920 million portfolio of receivables originated by a group of 15 banks (including Banca Popolare di Sondrio S.C.p.A., Solution Bank S.p.A. and Cassa di Risparmio di Asti S.p.A.).

LEVITICUS SPV

ACE OPERATION
Securitisation of a EUR 7.4 billion portfolio of NPLs originated by Banco BPM S.p.A.

RIVIERA NPL

RIVIERA OPERATION
Securitisation of a EUR 963 million portfolio of loans originated by Banca Carige S.p.A.

ARAGORN NPL 2018

ARAGORN OPERATION
Securitisation of a EUR 1.7 billion portfolio of loans originated by Credito Valtellinese S.p.A.

SIENA NPL 2018

CRYSTAL OPERATION
Securitisation of a EUR 25.4 billion portfolio of loans originated by the Monte dei Paschi di Siena Group.

The Gardant Group acts as a one-stop shop for banks for all activities and services related to GACS:

Portfolio Management

  • Assistance in portfolio optimisation and related database with a view to the rating process;
  • Legal and real estate due diligence activities
  • Formulation of recovery business plans.

Capital Markets structure and activities

  • Structuring securitisation transactions and managing the rating process as Arranger.

Securitisation Management

  • Establishment of securitisation vehicles (pursuant to Law 130/99);
  • Corporate Servicer, Calculation Agent, Representative of Securities Holders, Monitoring Agent, Paying Agent and Cash Manager;
  • Management of ReoCo for the efficient disposal of real estate collateral.

Master Servicing

  • Securitisation Master Servicer;
  • Focus on Special Servicer Oversight and monitoring of third party special servicers, by an internal team solely dedicated to the control necessary to achieve pre-determined performance indicators (KPIs).

Special Servicing

  • Recovery activities as Special Servicer of all asset classes.

ReoCo Servicing

  • Management and operational services provided to ReoCo as ReoCo Servicer, in order to:
    ‣ Participate in auctions with the aim of sustaining prices at values close to market values, for real estate as collateral for the positions managed;
    ‣ Manage and enhance the value of properties acquired at auction in order to ensure, in future resale, a better return on the market.