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Italian NPL Market Update 2017-10

Quaestio Capital SGR, on behalf of the Atlante II Fund, has signed a binding agreement to purchase approximately Euro 2.7 billion of non-performing loans from Cassa di Risparmio di Cesena, Cassa di Risparmio di Rimini and Cassa di Risparmio di San Miniato. According Citywire website Algebris Investmests will buy further 290m from the same banks.

The securitization of the non-performing loans allows the sale of the three banks to Crédit Agricole Cariparma SpA possible, as happened when the three good banks were sold to UBI and Cariferrara to BPER (full press release).

Carige is said to have shortlisted 4 bidders for a portfolio worth 1.4Bn that should be sold in boundle with the credit management platform named Gerica. The 4 are said to be Davidson Kempner with PreliosBayview Capital with CrifLindorff-Intrum Justitia and  Credito Fondiario.

Credit Village has published the 2017 edition of its NPL Onservatory: transactions have increased in 2017 (114 from January to August, compared to 62 in the same period in 2016) and GBV is €31.2 billion. But, only €21.2 billion has actually “changed hands”. (here the press release).

Banca IFIS has concluded its first senior financing transaction in the NPL sector. Moreover, the bank has acquired 3 non-performing/performing portfolios, totaling a nominal value of over 1,7 billion Euro. (full press release).

  • The senior financing operation is a loan to finance the acquisition, through a securitization company, of a NPL secured portfolio (mortgages loans) originated by an Italian banking group by affiliates of Cerberus Capital Management, L.P., a leader in global alternative investing.
  • The first 2 NPL profolios were purchased from an international fund dealing in distressed loans through a securitisation company, for an overall nominal value of 1,5 billion Euro The third portfolio purchased by Banca IFIS has a nominal value of 192 million Euro, corresponding to 1.300 positions. It is made up of 71% secured retail loans and 29% unsecured loans and was sold to Banca IFIS by a leading European bank.

B2 Kapital SRL, the Italian subsidiary of B2Holding ASA, has signed agreements for acquisition of non-performing loan portfolios from Credit Agricole and Banco Desio Group with combined face value of EUR 175M. The transactions include both secured and unsecured positions.

Best Capital Italy srl, italian branch of Best SA has acquired 170m NPLs  as secondary trad from Palamon Capital.

Source: https://mfamularoenglish-wordpress-com.cdn.ampproject.org/c/s/mfamularoenglish.wordpress.com/2017/10/02/italian-npl-market-update-2017-10/amp/

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