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Cassa Centrale Banca is preparing the securitisation of secured Npls for 560 million


Cassa Centrale Banca wants to securitise within the year non performing loans for a nominal value of 560 million euro. It was written today in MF Milano Finanza, pointing out that yesterday the bank from Trentino, headed by Giorgio Fracalossi and managed by the general director Mario Sartori, received the nonbonding offers and that it’s supported in the operation by Banca Imi as an advisor. The closing is expected by the end of the year.

This would be the sixth multi-originator securitisation operation coordinated by the bank. The portfolio on sale is composed of mortgages for 85%, unlike the Npls portfolios previously transferred by the bank, as that one for 338 million coming from 36 cooperative credit banks coordinate by Cassa Centrale Banca, transferred last December to Locam. Also, in that case, the operation was completed with the support of Banca Imi.

In that occasion, Fabrizio Berti, Credit Director for Cassa Centrale Banca, commented to MF Milano Finanza: “Since the beginning of the program in 2013, we have been organizing transfers for about 1.2 billion euro, involving 90 different banks”, adding that “some banks have transferred Npls several times. If we consider the number of banks taking part without counting the duplicates, they have been 130”.

Moreover, Berti revealed that there were already two other operations at the horizon.”In July 2017 we will bring to the market a securitisation of Npls for 600-650 million euro, for which he have already found the portfolios coming from about twenty cooperative credit banks. In this case, there will be a significant percentage of secured credits and this will allow us to re-sell the senior tranches ( estimated around 75%-80% of the securitisation value) to the originator banks, while the equity tranche will be placed to specialized investors. The structure, however, hasn’t been defined with certainty. It’s also possible that the senior tranche will be 70% and that a mezzanine for 10% and a junior always for 20% will be considered. In any case, we envisage to use the Gacs for the senior notes, since they will be re-purchased by who originated the credits”.

At the same time, always in the summer of 2017, Berti also said, Cassa Centrale Banca will organize a sixth transfer of bad loans in its program as well, to the benefit of the cooperative credit banks with smaller portfolios to sell, as the minimum dimension of the portfolio to transfer has been set around 40 million euro. “It  will be an operation of approximately 100-120 million euro and we’re expecting it next summer too”, concluded Berti.

Cassa Centrale closed 2016 with a profit of 18.4 million euro against the 14.8 of 2015 and a Cet1 ratio of 24.7% against the 20.7% of 2015. The global added value raised to 80.8 million from 71.5 of 2015.

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