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Italian NPL Update 2018-02

01 March, Massimo Formularo

BPER has announced a 2Bn NPL securitization by the end of this year.. This deal will be in addition to the 1Bn already planned for Banco di Sardegna division and will probably use GACs guarantee on the investment grade tranche.

Cassa Centrale Banca is preparing a plan of  Multi originator NPL Sale that could be worth some 2.5Bn of GBV across 3 years. 1 Bn is expected to be sold this year

Intesa Sanpaolo is negotiating with Intrum Lindorff a deal including the sale of 10Bn NPL portfolio and 50% of its credit management platform now part of the Capital Light Bank. According Bloomberg  Intrum Justitia AB is seeking a partner to share the investment.

As reported by Reuters  Credit Agricole Corporate Investment Banking (CA CIB) is selling a 6Bn legacy portfolio mostly unsecured. KPMG is advising the bank in this deal.

Volksbank is going to sell NPL for a total ranging from 120 to 180m. Post sale the  NPe ratio is expected to fall  between 10% and 12%.

Quaestio Capital is about to launch a new NPL Fund that will be named Italian Recovery Fund 2. The asset manager has played a relevant role in the past two years managing Atlas Fund 1  and 2.

Banca IFIS agreed to provide financing to Cerberus for a total amount of about 40m.This is the second such operation conducted by the Group. The objective of the transaction is the financing of a Non-Performing Loans portfolio (mainly secured assets) originated by a main Italian banking group and bought by an affiliate of Cerberus Capital Management in November 2017.

Source: Massimo Formularo

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