17 October, Milano Finanza
The Mps plan to get rid of the bad loans is slightly in advance on its schedule defined before the summer by the Ceo Marco Morelli and by the Financial Director Francesco Mele. Yesterday, the servicers Cerved and doBank reached an agreement for the management of the stock. More in detail, Cerved (whose shares went down on the Stock Exchange by 0.84% at a price of 10.66 euro) will take care of a nominal value of 13 billion, while doBank (+ 3.24% at 14.00 euro) will manage 8 billion. Defined the loan date tape, namely the structured archive of the portfolio, the two servicers are already working on the business plan, consisting substantially of the collection plan. The creation of the document will take a couple of months, considered the dimension of the portfolio, one of the biggest ever seen on the market. It’s true that the experts at doBank, assisted in the task by the Bad Loans Division coordinated by Lucia Savarese, know already a good part of the positions since last year Italfondiario assessed the Mps portfolio. The business plan will be then sent to the agencies to rate the securitisation.
In the meanwhile, a special purpose vehicle will be created to receive the entire portfolio. At that point, the notes will be issued and Mps will temporarily underwrite A1 and A2 senior notes for almost 3.8 billion as well as the junior ones (the riskiest), while the mezzanine will go directly to the fund Atlante 2 for a value of 1.02 billion. The Gacs allocation for senior tranche is expected by the first half of 2018. This step will allow placing on the market these notes, while the junior ones will go to the fund managed by Quaestio, completing in this way the divestiture of the whole stock. The Gacs will be a crucial passage for the success of the operation in the scheduled times, even if somebody believed that it may conclude already in the first quarter of 2018.
In the meantime, everything is ready for the comeback on the Stock Exchange. The registration documents should get the green light by Consob by Friday, followed by an appendix containing the quarterly results. The goal of the bank is to start the recovery of the former retail bondholders for the first day in the market. For the operation, a swap between the Ministry of Treasury and the investors, it will be necessary a document of the offer including the registration document which is currently being evaluated by Consob. The recovery will be valid only for who bought the bonds before 31st December 2015. In case of total adhesion, at the end of the swap, the Treasury will hold approximately the 70%.
Whereas the creation of the new statute will take longer. The assembly to approve the document is scheduled in December, while the deposit of the lists for the new Board of Directors is expected by the second part of November, twenty days before the assembly. Among the candidates, besides the list suggested by the Treasury, there might be Generali and Assogestioni.
Source: Milano Finanza (by Luca Gualtieri)
Translator: Cristina Ambrosi