17 October, Milano Finanza
While all the attention goes to the comeback of Mps on the Stock Exchange, once got the approval by Consob, the maxi securitisation machine for 26 billion euro bad loans is taking shape, with players such as Atlante 2, Cerved, and doBank involved. This is one of the biggest securitisations ever done in Europe.
doBank has recently communicated to have reached a temporary agreement with the bank to identify the main terms based on which the group will be appointed for the management, with the role of special servicer, of bad loans for a gross book value of 8 billion euro regarding the securitisation and divestiture operation. doBank will be then managing 30% of the Gbv with more than proportional returns on the total compared to the allocation of the portfolio volumes.
The underwriting of the servicing contracts, upon the finalisation of the operation and the good result of the negotiation between the parts, is expected along with the issuance of bonds of said securitisation by the end of the year, while doBank is expected to start operating on the portfolio by the first quarter of 2018.
The assignment of the task with the role of special servicer represents for doBank an opportunity to speed up its strategic plan, having the group already managed stocks for about 3.6 billion euro in the first semester of 2017.
Another share of bad loans for 13 billion has been appointed by Atlante II to the special servicer Cerved. The assignment, as reads a note, follows the acceptance by Banca Monte dei Paschi di Siena of the binding offer for the purchase of its platform for bad loans collection and it’s included in the industrial partnership between Quaestio Holding and Cerved Group. In fact, it’s likely that the special servicing activities assigned to Cerved may be managed by Juliet, which will be indirectly owned by Quaestio for 50.1% and for 49.9% by Cerved, as soon as it will be operational.
The temporary appointment of Cerved and the management by Juliet depend on the underwriting of a special servicing agreement and the finalisation of the securitisation of said bad loans, currently expected by the first months of 2018. Marco Nespolo, Cerved Information Solution Ceo, commented: “Being chosen by Atlante II as the main servicer of this big operation is the confirmation of the quality of our operational performance and independence, and it strengthens our position as main independent player in the non-performing loans management, most likely, and performing”.
Source: Milano Finanza (by Claudia Cervini and Paola Valentini)
Translator: Cristina Ambrosi