iSwiss Bank takes a new step forward in securitisation: ISIN request for tax credits in the Italian market

London, United Kingdom, 21st Nov 2023 – That the iSwiss banking group is a leader in the fast-growing securitisation sector is by now a certainty among those in the financial world: but yet another project that is about to come to fruition is truly an important step, both for the market and for the financial group.

In fact, only a few days ago, the financial group’s bodies announced that they were requesting an ISIN code for securities resulting from the securitisation of tax credits collected on the Italian market. An important operation, because this large mass of credits, which risked blocking the liquidity of large and small companies for a long time, derives from applying certain state incentives, known as ‘Super Bonus 110%’ and ‘Bonus Facciate’.


This is an important step, because it is the first transaction of this kind in which a special purpose vehicle, registered in the Bank of Italy’s dedicated register, has no roots in the banking sector. A first that could represent a milestone in the world of securitisation, kicking off a series of transactions with new players, opening up an important sector in the credit landscape.


But it comes as no surprise that it is iSwiss Bank itself that is proposing such a major innovation. As the group’s CEO, Christopher Aleo, who was awarded the prestigious Forbes magazine’s Innovator of the Year in Finance for 2022, explains: “This is a project in which the entire group has believed from the beginning and which has been developed in every detail. The choice of tax credits from the 110% Super Bonus and Bonus Facades is important because in the role of guarantor is the Italian state. And this situation gives a further important guarantee to investors, who will have access to an innovative instrument that is bound to be successful.”


Even the choice of Ireland as the location of the bidding company is not accidental: it is in fact the most important location in Europe for securitisation, so presenting the project here significantly increases its visibility and attracts the attention of potential investors.


As far as the concrete functioning of the securitisation system is concerned, again Christopher Aleo gave a comprehensive but at the same time easily understandable overview: “A group of small and medium-sized companies conferred the tax credits they had collected during the last two years of activity, credits that represent the collateral for the securities issued in the course of the transaction and that are offered on the market. The proceeds from the sale of the securities go to compensate the companies that provided the credits, while iSwiss Bank takes care of the sale of the tax credits in order to guarantee the payment of the coupons of the securities.”


A solution that makes innovative use of a tool that is little considered but has a lot of potential: just as befits the revolutionary vision of iSwiss Bank.


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