{"id":29236,"date":"2025-07-23T15:02:41","date_gmt":"2025-07-23T13:02:41","guid":{"rendered":"https:\/\/dev.andersen.dotandmedia.com\/?p=29236"},"modified":"2026-05-05T11:48:21","modified_gmt":"2026-05-05T09:48:21","slug":"andersen-alongside-adalis-spv-in-the-securitisation-of-receivables-from-the-public-sector","status":"publish","type":"post","link":"https:\/\/dev.andersen.dotandmedia.com\/en\/andersen-alongside-adalis-spv-in-the-securitisation-of-receivables-from-the-public-sector\/","title":{"rendered":"Andersen alongside Adalis SPV in the securitisation of receivables from the public sector"},"content":{"rendered":"<p data-start=\"73\" data-end=\"381\">Andersen advised <strong>Adalis SPV S.r.l.<\/strong> in a securitisation transaction involving receivables owed by certain Italian public administrations. The receivables derive, among other things, from \u201cdepositary\u201d services provided on behalf of <strong>Prefectures and the Italian State Property Agency<\/strong> (Agenzia del Demanio).<\/p>\n<p data-start=\"383\" data-end=\"662\">This is an innovative transaction in terms of the type of assets securitised, structured on a revolving basis through the issuance of partly paid notes, which will allow the purchase of subsequent portfolios of receivables meeting investment criteria agreed with the investors.<\/p>\n<p data-start=\"664\" data-end=\"1039\">Andersen, through its Banking &amp; Finance team led by partner <strong>Umberto Mauro<\/strong> and supported by senior associates <strong>Mario Alcaro Falchi Delitala<\/strong> and <strong>Antonio Muscar\u00e0<\/strong>, provided legal advice on the transaction structure and the negotiation of contractual documentation, confirming its established expertise in securitisations and structured transactions involving public receivables.<\/p>\n<p data-start=\"1041\" data-end=\"1366\">The transaction involved a leading Italian bank as the senior investor. The junior investor and sub-servicer role was held by <strong>Officine CST<\/strong> \u2013 partly owned by the <strong>Cerberus<\/strong> fund \u2013 through the <strong>FOCI<\/strong> fund. SBG Recovery acted as second sub-servicer alongside Officine CST, while <strong>Holding AS<\/strong> participated as a third junior investor.<\/p>\n<p data-start=\"1368\" data-end=\"1484\">Andersen\u2019s team has assisted Officine CST in various transactions over the years in the public receivables sector.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Andersen advised Adalis SPV S.r.l. in a securitisation transaction involving receivables owed by certain Italian public administrations. The receivables derive, among other things, from \u201cdepositary\u201d services provided on behalf of Prefectures and the Italian State Property Agency (Agenzia del Demanio). This is an innovative transaction in terms of the type of assets securitised, structured on [&hellip;]<\/p>\n","protected":false},"author":136,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[49],"tags":[],"class_list":["post-29236","post","type-post","status-publish","format-standard","hentry","category-corporate-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Andersen alongside Adalis SPV in the securitisation of receivables from the public sector - Andersen Italy<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/dev.andersen.dotandmedia.com\/en\/andersen-alongside-adalis-spv-in-the-securitisation-of-receivables-from-the-public-sector\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Andersen alongside Adalis SPV in the securitisation of receivables from the public sector - Andersen Italy\" \/>\n<meta property=\"og:description\" content=\"Andersen advised Adalis SPV S.r.l. in a securitisation transaction involving receivables owed by certain Italian public administrations. The receivables derive, among other things, from \u201cdepositary\u201d services provided on behalf of Prefectures and the Italian State Property Agency (Agenzia del Demanio). This is an innovative transaction in terms of the type of assets securitised, structured on [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/dev.andersen.dotandmedia.com\/en\/andersen-alongside-adalis-spv-in-the-securitisation-of-receivables-from-the-public-sector\/\" \/>\n<meta property=\"og:site_name\" content=\"Andersen Italy\" \/>\n<meta property=\"article:published_time\" content=\"2025-07-23T13:02:41+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-05-05T09:48:21+00:00\" \/>\n<meta name=\"author\" content=\"Rachele Lassola\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Rachele Lassola\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/dev.andersen.dotandmedia.com\\\/en\\\/andersen-alongside-adalis-spv-in-the-securitisation-of-receivables-from-the-public-sector\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/dev.andersen.dotandmedia.com\\\/en\\\/andersen-alongside-adalis-spv-in-the-securitisation-of-receivables-from-the-public-sector\\\/\"},\"author\":{\"name\":\"Rachele Lassola\",\"@id\":\"https:\\\/\\\/dev.andersen.dotandmedia.com\\\/en\\\/#\\\/schema\\\/person\\\/91bddae1d71809fbadf48a585edf2243\"},\"headline\":\"Andersen alongside Adalis SPV in the securitisation of receivables from the public sector\",\"datePublished\":\"2025-07-23T13:02:41+00:00\",\"dateModified\":\"2026-05-05T09:48:21+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/dev.andersen.dotandmedia.com\\\/en\\\/andersen-alongside-adalis-spv-in-the-securitisation-of-receivables-from-the-public-sector\\\/\"},\"wordCount\":214,\"articleSection\":[\"Corporate News\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/dev.andersen.dotandmedia.com\\\/en\\\/andersen-alongside-adalis-spv-in-the-securitisation-of-receivables-from-the-public-sector\\\/\",\"url\":\"https:\\\/\\\/dev.andersen.dotandmedia.com\\\/en\\\/andersen-alongside-adalis-spv-in-the-securitisation-of-receivables-from-the-public-sector\\\/\",\"name\":\"Andersen alongside Adalis SPV in the securitisation of receivables from the public sector - 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