(Visited 332 times, 1 visits today)
(Visited 332 times, 1 visits today)
  • Transaction / Assets
    NPL portfolio
  • Seller
    Unicredit
  • Buyer
    MB Credit Solution, Cerberus
  • € MM
    715

Npl, Unicredit sells other 715 million

28 November, Milano Finanza

Unicredit is going at full speed in the sale of bad loans. While the Fino project is entering the securitisation phase, yesterday the bank guided by Jean Pierre Mustier sold a 715 million portfolio, bringing to 19 billion the gross sold amount in 2017. The portfolio (assisted by the legal firm Freshfields), called Firenze, is composed mainly of unsecured loans plus a small secured component. This dual nature allowed Unicredit to segment the stock to maximize the price: MB Credit Solution (the company of the group Mediobanca guided by Francesco Barelli Terrizzi) bought the unsecured portion of the portfolio for a gross exposure of 450 million while the American fund Cerberus bought the secured part for 265 million. “The impact of the transfer”, explains Unicredit on a memo (the NPL division of the bank is managed by the chief risk officer TJ Lim), “which is part of the current strategy of reducing the impaired exposures, will be registered in the fourth quarter of 2017 statement”. Firenze, therefore, joins Fino, the project launched last year to get rid of 17.7 billion bad loans and gone to Fortress and Pimco. This week the securitisation process has started with the State guarantee. On Wednesday, both Dbrs and Moody’s assigned their definitive rating on class A, B and C instruments issued by the vehicle companies, while the class D instruments will stay with no rating. The operation has been assisted by doBank, the Fortress subsidiary that has underwritten with Unicredit master and special servicing contracts, crucial for the success of the operation.

More generally, these last few weeks of the year are very dynamic with operations on non-performing loans. With two important transfers concluded in 2017, Rev Gestione Crediti is preparing for a securitisation with the public guarantee of a gross amount of 1.5 billion that will be supervised by JP Morgan and Kpmg. While Banco Bpm is closing the transfer of the portfolio Sun for 2 billion, composed exclusively of unsecured loans.  Whereas for next year, the bank headed by Giuseppe Castagna plans a Gacs for about 3 billion for which the due diligence works have already started under the supervision of Prelios. Unicredit too should sell shortly the portfolio Firenze, a stock of almost one billion that follows the sale of Fino for 17.7 billion. In the cooperative credit world, there are a couple of operations of consortium nature, one coordinated by Cassa Centrale and another by Iccrea to disinvest over one billion of bad loans.

There is no doubt, however, that the most awaited operation of 2018 will be the securitisation of 26 billion that Mps is launching. The divestiture of the stock should happen by the end of the year and it will conclude in June as agreed with the ECB. There are also other four/five banks studying the option of securitisation through Gacs whose operations might be announced in the following months.

Source: Milano Finanza

Translator: Cristina Ambrosi