Italy’s bank Banco Bpm started due diligence on a 3 billion euros NPLs portfolio in view of a securitization covered by public guarantee (Gacs), MF Milano Finanza yesterday wrote, adding that the portfolio will include a major stake of secured loans as it was the case with the sale of the Project Rainbow portfolio to Algebris fund which was valued about 40% of its gross value (see here a previous post by BeBeez).
Gacs was renews in the last few days after the European Commission approved the prolongation of the Italian guarantee scheme to facilitate the securitisation of non-performing loans for 12 months (see here the press release).
In order to obtain the public guarantee for its new deal, however, the bank would need to wait some months so the new securitization will go on the market at the beginning of 2018. Speaking at a conference last May, Edoardo Ginevra, head of Npl di Banco Bpm, had anticipated that the bank was preparing a deal covered by Gacs going on the market next year (see a previous post by BeBeez).
Banco Bpm is also preparing the sale of another secured NPLs portfolio, MF Milano Finanza wrote, adding that this deal relates to a 2 billion euros gross portfolio that will be sold in an auction before the end of this year.