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2019/10/16 / Erste Group Research

Issuer Profile | Banca Popolare dell’Alto Adige S.p.A.

Banca Popolare dell’Alto Adige S.p.A. is a regional bank headquartered in Bolzano. The bank serves retail clients as well as SMEs in North-Eastern Italy (Alto Adige, Trentino, Veneto and Friuli).

Around two thirds of the bank's overall funding mix is covered by customer deposits. In order to diversify its funding mix, Banca Popolare dell’Alto Adige has launched a mortgage covered bond program under Italian law (Obbligazioni Garantite/OBG). As of 31 August 2019, assets in the OBG cover pool totaled EUR 464.8mn and consisted exclusively of residential mortgage loans.

Fitch expects that OBGs issued under the program will be awarded a rating of 'AA'. The outlook for the rating will be negative, as Fitch currently assigns a negative outlook to the sovereign rating of the Republic of Italy. OBGs issued under the program have a soft bullet structure. In addition, the issuer provides a liquidity buffer which covers interest payments and costs for outstanding OBGs on a rolling basis.

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General information

AuthorErste Group Research
Date2019/10/16
Languageen
Product nameCredit News
Topic in focusCredits/ Corporate bonds
Economy in focusAustria
Currency in focusEuro
Sector in focus-
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