Illimity acquired Arec for €40 mln

11 May, Milano Finanza

Illimity announced the acquisition of Aurora Recovery Capital (Arec) for a €40 million enterprise value. The company operates in UTP management specializing in corporate real estate. The acquisition will lead to the creation of a new servicer for distressed corporate credits with a focus on unlikely-to-pay credits.

Source: Milano Finanza

Translator: Cristina Ambrosi

PwC: how Covid will impact the Npe market

19 December, Milano Finanza

According to PwC, 2021 is likely to register the real impact of the pandemic on the financial market. Moratoria, guaranteed loans and redundancy funds have supported the economy so far, avoiding banks’ NPL stocks to grow in excess. That’s why 2020 is expected to close with non-performing exposures totalling 115-120 billion € compared to 135 billion € as reported in December 2019.

In 2021 banks will seek to keep their current Npe ratio. The focus will shift towards UTPs, which require a more systematic management approach in order to support companies struggling both from a financial and industrial point of view. For this reason, the possibility of new players such as retirement funds, family offices and private investors entering the market is not to be excluded.

Source: Milano Finanza

Translator: Cristina Ambrosi

Bain Capital launched new NPL asset manager Natissa

24 November, Bebeez

Bain Capital Credit has recently launched a new asset management company specialized in NPLs named Natissa sgr. The newco has a registered capital of 500,000 million € fully paid and specializes in alternative investment funds.

Source: Bebeez

Translator: Cristina Ambrosi

Prelios: new NPEs for 60-100 bln € as a result of Covid

03 November, Il Sole 24 Ore

Prelios estimates that the pandemic will generate new non-performing exposures between 60 and 100 billion €, with a significant impact on the NPLs (bad loans) and UTPs (unlikely to pay) stocks. The main challenge ahead will be the UTP management by helping the eligible companies being performing again, with a positive effect on the economy and occupation.

Source: Il Sole 24 Ore

Translator: Cristina Ambrosi

Intesa Sanpaolo to sell its leasing division Provis

18 September, Milano Finanza

Intesa Sanpaolo announced the sale of Provis, which manages credits and assets originating from leasing. Mediobanca, the advisor for Intesa, collected the non-binding offers for the business division, whose value is estimated around 1 bln €.  Prelios, in partnership with Bain and Illimity, are among the candidates, as well as DoValue. Meanwhile, Intesa Sanpaolo is also working on the merger with Ubi Banca, which will be completed in 2021.

Source: Milano Finanza

Translator: Cristina Ambrosi

Kryalos enters the NPL and UTP market and nominates EY as its advisor

25 June, Bebeez

The asset management company Kryalos has recently got the approval from the Bank of Italy to extend its business to distressed credits as well. For this purpose, the company appointed EY as its advisor in the management of UTPs.

Source: Bebeez

Translator: Cristina Ambrosi

Crèdit Agricole Italia plans a UTP transaction as the bank looks for an external servicer

21 May, Bebeez

Crèdit Agricole Italia is currently working on a UTP operation amounting to approximately 100 million euro, corresponding to nearly all the bank’s UTP at the end of 2019. The bank is also exploring the possibility of a servicer mandate to manage impaired loans for about one billion euro. Illimity, doValue and Intrum are among the candidates.

Source: Bebeez

Translator: Cristina Ambrosi

 

Intrum stops the operations for the acquisition of Cerved Credit Management

25 March, Credit Village

After having come to the due diligence phase of the negotiations, Intrum suspended the operation for the acquisition of Cerved’s credit management business unit, which would have made of the Swedish company the biggest servicer in Italy. Following the coronavirus outbreak and the inevitable consequences on the economy, Intrum decided to reduce its NPL investments.

Source: Credit Village

Translator: Cristina Ambrosi

NPL: 491 transactions in 2019 for a total of 46.3 billion GBV

26 March, Credit Village

Credit Village reports that the NPL transactions completed in 2019 were 491, amounting to 46.3 billion euro of GBV. Of these transactions, 333 were carried out on the primary market, while 158 on the secondary market, 54 of these through an SPV.

Nine transactions concerned portfolios for over 1 billion euro GBV, although the transactions were primarily focused on portfolios between 50 and 10 million or below 10 million euro (respectively 236 and 184).

The most active investors were Illimity and Hoist, with 20 transactions each. Concerning servicers, 78.2% of the NPLs are managed by Amco, Aquileia Capital Servicer, Cerved Credit Management, Credito Fondiario, DoValue, Guber, Hoist, Ifis Npl, Neprix and Prelios.

Source: Credit Village

Translator: Cristina Ambrosi

 

Intrum and Credito Fondiario to make binding offers for Cerved NPL unit

29 January, Milano Finanza

Intrum and Credito Fondiario are ready to submit their binding offers to obtain Cerved NPL division. Intrum is ready to offer between 480-500 million euro for the unit, while Credito Fondiario might aim at a merger of Fonspa with Cerved in view of a possible listing in 2021.

Source: Milano Finanza

Translator: Cristina Ambrosi