08 January, Milano Finanza
The NPL market started the year with a sprint. Guber Banca together with Barclays obtained an NPL portfolio from Banca Valsabbina for a nominal value of approximately 150 million euro. In December, Illimity (Spaxs group) completed the acquisition of new non-performing loans for a total nominal value of about 175 million euro. Here as follows the two operations in detail.
Guber Banca with Barclays Bank Plc got an NPL portfolio from Banca Valsabbina for a gross book value of 150 million euro as on 30th June 2018. The portfolio including secured and unsecured loans will be acquired through a special purpose vehicle for its securitisation. Meanwhile, it will issue untranched securities which will be underwritten by Guber Banca and Barclays Bank.
As a memo reads, “The operation includes 1,300 holdings, 30% of which are secured and 70% are unsecured, mainly located in the north of Italy, especially in Lombardy, in the province of Brescia. Guber Banca will take care of the servicing. Freshfield Bruckhaus Deringer was the legal advisor for the buyers.
In December, Illimity (Spaxs group) completed the acquisition of new non-performing loans for a total nominal value of about 175 million euro. With this operation, the total nominal value of the NPL portfolio held by the bank reached 1.5 billion.
The NPLs originate from various small and medium banks. 85% of the portfolio is composed of unsecured loans with an average value of 100 thousand euro per share. Moreover, the bank also completed its first transaction in the NPL single-name segment for an amount of 25 million. The transaction consists of five NPL holdings towards corporate debtors and banked by industrial and commercial assets located in Lombardy. The operation concerned a bank mainly operating in northern Italy.
“We’ve built a strong team with highly-skilled professionals. We see interesting business opportunities in all the area where we’re active: NPL portfolio and single-name acquisitions, secured and unsecured loans, NPL financing and servicing, with particular attention on the NPL corporate segment. Besides the NPL portfolio acquisitions and the financing activities carried out in the last few months of 2018, with this operation we’ve started also operating in the single-name segment, which offers many investment opportunities and is still a relatively new market”, commented Andrea Clamer, head for the NPL division of the new bank.
Source: Milano Finanza
Translator: Cristina Ambrosi