29 September 2017 – Il Sole 24 Ore
Transfer for about 1.4 billion euro of non performing loans
There should be four players competing for the acquisition of approximately 1.4 billion gross NPL from Carige. The shortlist of the candidates to the data room has been recently made official, being the non binding offers scheduled for the 10th November.
According to Il Sole 24 Ore, there are several investors and two groups among the names. The first is formed by the investment company Davidson Kempner and by Prelios, the second by Bayview Capital and Crif. There is also the Italian branch of the Nordic group Lindorff-Intrum Justitia as well as Credito Fondiario. The presence of groups is due to the peculiar typology of the Carige offer. In fact, there is a maxi portfolio ( with securitisation without recourse of the credits, a mix of secured and unsecured) on the table, plus the platform to manage the NPLs called Gerica, which manages other 1.4 billion non performing loans. This explains the presence of companies specialised in credit collection and management.
After a long preparation phase, about 25 investors have been invited, included big funds such as Fortress, Cerberus. Pimco-GWm, Tpg. The second phase to clean up Carige’s portfolio is then live and it should be completed by the end of the year. The securitisation for 938 million was carried out with the public support (Gacs) and it was concluded before the summer with the assistance of Prelios and Banca Imi.
Source: Il Sole 24 Ore
Translator: Cristina Ambrosi