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NPLs: 398 transactions in 2018 in Italy for 106.4 billion

12 February, Milano Finanza

Last year, the Italian NPL market registered transactions for 106.4 billion euro. The figures are taken from the report by the NPL national observatory of Credit Village which was published by Reuters. There were 398 operations, 155 more than 2017.

Deals involving a State guarantee (Gacs) were 13, for a total gross book value of 44.3 billion. Special purpose vehicles issued notes for various classes for a total of 10.4 billion with a purchasing price between 18% and 34%.

For what concerns the type of the underlying credits, 82.7% of the total transactions consisted of mixed portfolios, 6.9% concerned secured holdings, and 10.4% was composed of unsecured loans. The single name operations were 190.

2018 saw an additional focus on servicing in terms of asset under management. The 28 transactions for a gross book value over 500 million, corresponding to a total value of 93.4 billion, were assigned to only ten servicers. The selection on the servicers appointed for the operations with Gacs, amounting to more than 44 billion, was even stricter: only Credito Fondiario, Cerved, Prelios and doBank/Italfondiario dealt with such transactions.

Nearly one-third of the operations carried out in 2018, corresponding to 113 transactions, was completed on the secondary market, although the values are still rather low (6.2 billion).  Credit Village, like the rest of the operators, believes in an increase of transactions on the secondary market in 2019.

Source: Milano Finanza

Translator: Cristina Ambrosi

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