22 June, Reuters
The Bper group closed the securitisation of the bad loans of its subsidiary Banco di Sardegna with a Gacs on the senior tranche for a total gross book value of 900 million. The selling price of the portfolio named “4Mori Sardegna”, composed for 53% of secured credits and 47% of unsecured ones, was equal to 28.10% of its gross book value.
The notes issued by the special purpose vehicle concern a senior tranche which Banco di Sardegna will keep and which amounts to 232 million euro, a mezzanine tranche for 13 million and a junior for 8 million. These two will be allocated for 95% to institutional investors.
With this operation, the Bper Npe ratio has gone fro 17.8% (as in March) to 19.3%, while the Npe ration of Banco di Sardegna has decreased from 14.7% to 22.9%.
“Due to the good hedging of the bad loans, the operation has had marginal effects on the income statement of Banco di Sardegna and the consolidated one of Bper”, clarifies the bank.
The operation is included in the 2018-2020 Npe strategy of the group from Modena. According to the plan, the bank will transfer for the next three years bad loans for a total gross amount between 3,5 and 4 billion through two securitisations.
Besides Banco di Sardegna, the second operation concerns the non-performing of the parent company Bper amounting to 2 billion which is in an advanced stage and will happen by the end of the year.
Moreover, Banco di Sardegna might sell other credits (UTP and NPL) to reach its gross Npe ratio of 10%.
Translator: Cristina Ambrosi