International law firm Simmons & Simmons acted as deal legal counsel on the first natively tokenised securitisation – the first transaction of its kind ever completed in the European market.
The landmark transaction used Dolomiti SPV – a special purpose vehicle – which issued natively tokenised asset-backed notes on a public blockchain through a platform developed by Blockinvest, the proceeds of which were then used to acquire the portfolio of non-performing loans with a value of nearly €1bn (EUR 965,581,897.80).
Centotrenta Servicing, a securitisation services company, acted as master servicer, while Sorec, a distressed credit company, acted as special servicer for the transaction.
Significantly, the first-of-its-kind transaction introduces a fully digital operating model that increases efficiency across the entire securitisation lifecycle – from portfolio management through issuance to settlement of the notes – reducing costs, intermediaries and execution times.
This results in enhanced transparency and traceability, with investors and stakeholders able to access directly data on portfolio performance, cash flows and the status of the notes – strengthening control and risk management.
The Simmons & Simmons team based in Milan advising on all legal and regulatory aspects of the transaction was led by Partner Simone Lucatello with the support from counsel Ugo Malvagna and supervising associate Marcello Rivoir.
