These are originated by the UniCredit Family Financing segment and sold to the collateral pool by way of a true sale transaction - provided they are in line with the legal requirements to eligible assets. The structure was originally scheduled to come to market as a €2 billion jumbo, but the deal was covered by double the orderbook, allowing the deal to close early this morning ahead of schedule. The issuance - managed by UniCredit (HVB) with BNP Paribas, Citibank, Deutsche Bank and UBS - has been taken up by close to 200 institutional investors, mainly funds (60.1%), banks (26.7%) and insurance companies (11.3%). Dresdner Kleinwort analysts explained that the pool is an SPV securing covered bond holders' recourse to the cover assets through a guaranty.