Tag: de-risking

Mps: the exit of the Treasury from the capital, NPL disposals and the leasing subsidiary

02 January, Start Magazine

The presentation of the strategic plan for the withdrawal of the Italian Ministry of Finance from the Mps shareholders (currently holding a 68% share) has been postponed to the beginning of 2020 due to the ongoing negotiations with the European Commission.

At the end of 2019, the bank completed three NPL disposal operations amounting in total to 1.8 billion euro, bringing the total value of sold non-performing exposures to 3.8 billion euro. Thanks to the latest disposals, the Mps Npe ratio had reduced to 12.5%, meeting the target of 12.9% by 2021 set in the reorganization plan.

Meanwhile, Mps had to bail its subsidiary Mps Leasing&Factoring. The operation amounted to 250 million euro, which will cover losses for 419.3 million euro as reported in 2018.

Source: Start Magazine

Translator: Cristina Ambrosi

 

Mps sold NPLs to Illimity

30 December, Blue Rating

Mps continues its de-risking process with three operations for a total amount of 1.8 billion euro. One transaction concerns NPLs, mostly unsecured, for about 1.6 billion sold to Illimity Bank. The other two operations concern secured corporate holdings classified as UTP and amounting in total to 200 million euro.

With these operations, the Mps Npe ratio decreased to 12.5%, reaching two years earlier the 12.9% target set in the restructuring plan.

Source: Blue Rating

Translator: Cristina Ambrosi

Ubi Banca to sell an NPL portfolio for 800 million by the end of the year

11 November, Bebeez

Ubi Banca is currently considering the transfer of a non-performing portfolio consisting of residential mortgages for a gross value of 800 million euro using the State guarantee. The operation is expected by the end of the year.

Following the transaction, the bank’s Npe ratio will reduce to 8%. Meanwhile, Ubi Banca is continuing with its credit collection internal activity to reduce the NPL stock further.

Source: Bebeez

Translator: Cristina Ambrosi

Creval collecting offerings for an 800 million NPL portfolio

07 November, Milano Finanza

Creval started collecting offerings for an NPL portfolio valued 800 million euro. The sale is expected by the first half of 2020. The operation is consistent with the bank’s de-risking strategy to reduce the NPL stock to 1.1 billion euro and the Npe ratio below 3% by 2023.

Source: Milano Finanza

Translator: Cristina Ambrosi

 

Prelios obtained Popolare di Sondrio NPLs for 1.5 billion

30 October, Il Messaggero

Prelios might be very close to acquiring the NPL portfolio that was put for sale by Banca Popolare di Sondrio for a total value of 1.5 billion euro. According to the rumours, the servicer obtained a 3.5% fee. The bank launched the bid after the ECB stopped its acquisition of Cassa di Cento due to the high Npe ratio (13.7% against the average 9%), demanding to prioritise the de-risking activities.

Source: Il Messaggero

Translator: Cristina Ambrosi

Amco to assess the price for Mps NPLs

30 October, Soldi Online

In view of its privatization by 2021, Mps is about to put on the market NPLs for a value between 8 and 14 billion euro. The exact price will be determined by Amco, the company owned by the Ministry of Finance as well as the potential buyer of the portfolio.  By the end of the year, the Italian Treasury will have to present to the ECB a plan for its exit from the bank’s capital.

Source: Soldi Online

Translator: Cristina Ambrosi

Banca Popolare di Sondrio to sell NPLs for 1.5 billion euro

24 October, Bebeez

Banca Popolare di Sondrio has put for sale NPLs for 1.5 billion, after the ECB didn’t authorise the acquisition by the bank of Cassa di Cento, demanding instead to prioritise the de-risking process by reducing the NPL stock.

The operation will be likely carried out through securitisation with the State guarantee and Société Générale as the arranger. Banca Popolare di Sondrio invited Credito Fondiario, doValue, Prelios and Cerved to make an offer by the end of this week. The senior notes will be bought by the bank, while the mezzanine and the junior ones will be put on the market.

Source: Bebeez

Translator: Cristina Ambrosi

Banca Popolare Di Sondrio to sell NPLs for 1 billion euro

23 October, Milano Finanza

In compliance with the Bce request to prioritise the de-risking activities, Banca Popolare Di Sondrio plans to securitise non-performing loans for over 1 billion by the first half of 2020. For this purpose, the bank has recently launched a tender to find a servicer and an arranger. Among the possible candidates, Prelios seems to be favourite.

Source: Milano Finanza

Translator: Cristina Ambrosi

Mps sold impaired loans for 340 million

13 August, Milano Finanza

Mps pursues its de-risking process with the recent completion of four operations regarding impaired loans for 340 million euro. One deal concerns secured and unsecured loans for a total of 137 million, while the other three operations are for UTPs mainly secured, amounting to 202 million, originating from Banca Mps and Mps Capital Services portfolios.

Source: Milano Finanza

Translator: Cristina Ambrosi

 

Mps is ready to sell UTPs for 500 million

22 February, Finanza Report

Mps is accelerating its de-risking process. The bank is preparing two new operations to dispose of its unlikely-to-pay loans for a nominal value of 500 million.

According to Milano Finanza, Mps is meant to put on the market the first portfolio in the next week, while the other one will be sold in March.

Mps has carried out UTP single name operations so far in order to maximise the value. The management headed by Marco Morelli, however, decided to speed up with the de-risking activity. By the end of the year, the bank will have sold a UTP stock amounting to 2 billion of nominal value.

Concerning the potential buyers, it’s likely that they will be the same that participated in the latest operations. Among the players, there are the teams composed of Aurora Recovery Capital-Gwm and Frontis-Algebris that acquired the portfolio named Alpha2 for 420 million euro at the beginning of the year. The American groups Fortress and Cerberus as well as the fund Bain Capital Credit might also take part in the competition.

Meanwhile, the Mps stocks registered a +0.66% at 1.2915 euro on the Milan Stock Exchange.

Source: Finanza Report

Translator: Cristina Ambrosi