Securitisations offer a legally robust, tax efficient route into Italian SME credit. Key protections include statutory asset segregation, SPV bankruptcy remoteness and fast, out of court enforcement via the non possessory pledge, reducing claw back and execution risk. A 2025 SME Bill is pending; if passed, it would widen borrower side segregation and allow true sale of unregistered movable assets (including inventory), further enabling inventory and operating asset monetisation. For sponsors and AIFs, this translates into scalable deployment with stronger downside protection.

Our Debt Capital Markets Focus Team breaks down these new measures in the newsletter linked here.