Sorec, a specialist operator in the acquisition and recovery of distressed financial, banking, and insurance credit portfolios, today announces Italy’s first Non-Performing Loan (NPL) securitization transaction featuring the issuance of native digital Asset-Backed Securities (ABS) on the blockchain.
The initiative, promoted, conceived, and structured by RE Chain Srl—which acted as transaction coordinator overseeing its development and implementation, features Sorec as Special Servicer, supported by 130 Servicing as Master Servicer and calculation agent for the vehicle, Weltix as manager of the DLT register for Digital Circulation (authorized and supervised by Consob); BlockInvest as the platform and technological infrastructure provider powering the entire operation; and Simmons & Simmons as legal advisor to the transaction.
The transaction introduces a fully digital operating model that improves the overall efficiency of the entire securitization lifecycle. Benefits include a reduction in costs, intermediaries involved, and time required for issuance and settlement. This yields greater transparency and traceability, giving investors and stakeholders direct and continuous access to information regarding portfolio performance, cash flows, and note status. It also enables enhanced risk control and management—a particularly critical aspect for NPL and UTP portfolios, where information quality is key.
The transaction involved establishing a dedicated compartment within the Dolomiti SPV securitization vehicle, issuing a single class of asset-backed notes up to a maximum amount of €23 million. These notes are natively registered and managed on a public blockchain, marking a significant innovation in the Italian NPL market. The underlying portfolio consists of 134,167 non performing loans with a total Gross Book Value (GBV) of €965,581,897.80.
Sorec relied on the contributions of a multidisciplinary internal team. Specifically, Claudia Lo Curto, attorney and Head of Legal & Compliance at Sorec, who handled the legal structuring of the compartment and the definition of the transaction’s contractual framework, and Stefano Platini, NPL Strategy, responsible for defining and overseeing portfolio management strategies, contributing to pricing definition, business plan development, and financial structuring throughout the investment lifecycle.