

UniCredit Bulbank and PGGM enter a €2.1 billion risk sharing transaction referencing the bank’s corporate and SME loans portfolio

Sofia, Milan, Zeist 7 July 2025 - The transaction referred to as “Project ARTS Silver-2” represents the second deal of UniCredit Bulbank (the “Bank”) as issuer in the significant risk transfer (SRT) market, the largest executed in Bulgaria as of today, and one of the largest in CEE.
The transaction is part of UniCredit ARTS program, within UniCredit’s strategy to increasingly use SRT as an effective tool to enhance capital efficiency and to widen lending capabilities, with the ambition to expand it further to new asset classes and different legal entities in the Group perimeter.
Project ARTS Silver-2 is the result of the close cooperation between UniCredit and PGGM (second joint project, following Project ARTS Morava in 2024). Its €2.1 billion reference portfolio consists of corporate and SME exposures granted to clients in Bulgaria. The capital structure includes retained first loss and senior tranches, and a second loss tranche purchased by PGGM on behalf of its client PFZW, the Dutch pension fund for the healthcare sector.
UniCredit Bank GmbH acted as sole arranger and placement agent for the Bank.
Stefano Chiarlone, Head of Balance Sheet Management at UniCredit Group: “The size of the deal and the resulting capital reliefs, achieved both at Bank and Group level, confirm UniCredit’s strategy on capital efficiency. After Italy and Germany, UniCredit has successfully expanded SRTs to the CEE area, where this transaction represents our fifth deal, testifying the wide geographical coverage of our SRT framework. I also want to say thanks to PGGM for being a reliable partner in this important project”.
Nevena Nikse, CFO at UniCredit Bulbank: “Our second syntethic securitization marks another important step in our commitment to capital efficiency and risk management. By further strengthening our capital position, this transaction allows us to accelerate the lending to small and medium-sized enterprises (SMEs) and corporates. We are very pleased for the great cooperation with PGGM, setting the basis for a long-lasting partnership”.
Luca Paonessa, Senior Director, Credit Risk Sharing at PGGM: “Project Silver 2 closely follows the successful execution of the Morava transaction and confirms the strategic alignment between PGGM and UniCredit. As our Credit Risk Sharing mandate grows, we have been increasingly focused on adding diversifying credit risk exposures to the portfolio, originated by high-quality banks with a leading market position, and UniCredit Bulbank emerged as the perfect candidate. Thanks to our pre-existing relationship with UniCredit, Silver 2 was a very efficient process that met an ambitious timeline. The STS label confirms the group’s commitment to the highest standards in credit risk sharing".
Like Morava, Silver 2 will also include reporting on sustainability features of the portfolio, another area of convergence between PGGM and the UniCredit Group.
About UniCredit Bulbank
UniCredit Bulbank is a leading commercial bank in Bulgaria, active among others in project, structured and syndicated finance, corporate finance and export finance and a preferred partner for both corporate and micro companies.
UniCredit Bulbank is part of UniCredit Group, which operates in 13 European countries servicing over 15 million customers. As a controlled entity, UniCredit Bulbank forms a group with its sole shareholder, UniCredit S.p.A. as a controlling entity. UniCredit Bulbank is the controlling entity vis-à-vis its own subsidiaries.
About PGGM Investment Management
PGGM Investment Management is part of the Dutch not-for-profit pension fund service provider PGGM. It fulfills a social mandate: the sustainable investment of the pension capital of around three million participants of PFZW, the pension scheme for the Dutch health and welfare sector. On 31 March 2025, PGGM IM managed EUR 249 billion in public and private markets globally.
More information about PGGM IM: annual-report-pggm-vermogensbeheer-b-v-2024.pdf
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