Stevanato Group, an Italian producer of packaging for the pharma industry, signed a partnership with Pricoa Capital Group, part of US insurer Prudential Financial, for issuing bonds worth up to 125 million US Dollars (see here a previous post by BeBeez). The companies announced the first 50 million euros issuance of this private shelf-facility programme on 29 June, Monday. Stevanato has sales of 570.3 million (+10.9% yoy) and an ebitda of 111.1 million.
Italian insurers are looking at the private capital market due to the current yield shrinking (see here a previous post by BeBeez). However, the European regulation requires insurers to allocate relevant amount of equity. On 23 June, Tuesday, the speakers of Caffé di BeBeez private capital e assicurazioni discussed about new perspectives in alternative investments for insurance company in the framework of Solvency 2 directive and its potential new adjustments. As for mow private debt and direct lending emerge like the most convenient asset class among private assets where insurers may be invested.
Elite, Fisg (Banca Finint) and ADB Corporate Advisory launched Basket Loan, a project for the securitization of financing facilities to Italian SMEs (see here a previous post by BeBeez). The spv Basketloan srl will issue securities that will receive a 90% warranty from Fondo Centrale di Garanzia pmi. The portfolio will amount to up to 250 million euros. The first tranche will be of at least 50 million and Banco Popolare Azzoaglio and Banca di Asti will subscribe the abs. After then, the vehicle will issue tap notes. Each transaction of Basket Loan will be of at least 500k euros and a tenure of up to 5 five years with a fixed rate bullet repayment. Modefinance and Credit Data Research, are also part of the project. Sign up here for BeBeez Newsletter about Private Debt and receive all the last 24 hours updates for the sector.
A new tranche of the securitization vehicle Italianonsiferma that Credimi is handling came to market (see here a previous post by BeBeez). Banca Generali will distribute this product to its professional clients. Such tranche will make 40 million euros available for the SMEs of Piedmont and Aosta Valley. Fondazione CRT, through Fondazione Sviluppo e Crescita, and Finpiemonte will act as anchor investorsubscribing the junior tranche worth 10% of the whole issuance and provide a 10% warranty. Fondo Garanzia PMI will provide a guarantee for 90% of the portfolio.
Cassa di Risparmio di Bolzano carried on a revolving securitization of a portfolio of performing corporate credits amounting to 3 billion euros (see here a previous post by BeBeez). The spv Fanes issued two classes of asset backed securities in the form of partly paid notes, a senior class of 2 billion and a junior class of one billion. Such securitization will have a rump-up period of 24 moths due to expire at the end of June 2022. CR Bolzano, Banca Sella and Kärntner Sparkasse originated the credits of this portfolio. CR Bolzano acquired the selected branches of Banca Sella and Sparkasse in 2013 and 2012.
Alba Leasing closed its first STS (simple, transparent and standard) securitization worth 1.26 billion euros (see here a previous post by BeBeez). Alba Leasing sold to Alba 11 spv a portfolio of performing leasing credits originated in the last 18 months. The spv issed 5 classes of shares (senior, mezzanine and junior). The European Investment Bank paid 443.6 million for shares of A2 class and part of the classes B and C. Cassa Depositi e Prestiti and the European Investment Fund will acquire part of the shares of these classes, while the European Central Bank will subscribe a portion of the shares of the A1 class. This transaction is part of the ENSI (EIF-NPIs Securitisation Initiative) programme of the European Commision.
Gruppo Meter, an Italian producer of industrial components, received a 40 million Renmimbi (5 million euros) facility from Cdp (see here a previous post by BeBeez). Cdp provided part of the resources it raised in 2019 through the issuance of a one billion renmimbi Panda Bond. Gruppo Meter will invest such proceeds in its activities in China. Meter exports most of its turnover of above 60 million euros.
The turmoil related with the Covid-19 will increase the gross value of distressed credits in Italy by 60-100 billion euros in the next 18 montsh, said PwC in its report “The Italian Npl Market. Ready to Face the Crisis” (See here a previous post by BeBeez). The UTP sector will suffer more from the coronavirus emergency. At the end of 2019, Italian banks reduced their amount of Npes by 20.6% for a total of 135 billion from 341 billion in 2015.
The board of directors of Monte dei Paschi approved the Hydra project, which consists in creating a bad bank to which transfer 8.1 billion euros GBV of non performing exposures and some assets (see here a previous post by BeBeez) as a first step facilitating the sale of the Italian Ministry of Treasury’s stake in Mps to a new investor. The Italian Government bough its 68% stake in the bank in 2017 when it rescued the bank from bankruptcy while minority shareholds own the remaing 32% of the bank, with Generali among them. More in detail, AMCO will get net bad loans amounting to 2.313 billion euros (4.798 billions GBV), net UTPs for 1.843 billions (3.345 billions GBV), bonds and stocks for 5 millions, tax credits for 104 millions, and derivative contracts for 1 million. Amco will also receive a bridge loan issued to Mps by JPMorgan and UBS worth 3.179 billion; liability derivative contracts of 0.1 million, and ent equity of 1.087 billions. The European Central Bank will have to give its approval for such transaction.
Banca Popolare di Bari, the troubled Italian savings and loans, sold for 500 million euros non performing exposures worth 2 billions GBV to Amco (see here a previous post by BeBeez). UTPs make 60% of the portfolio. The closing of such a sale is subject to the successful conclusion of a capital increase of Banca Popolare di Bari.
Italian tyres distributor Fintyre applied for receivership in mid-June (see here a previous post by BeBeez). Franco Gomme and Tyre Retail (Pneusmarket) are not part of this restructuring. Earlier in 2020, European Tyres Distribution Limited, a company of Bain Capital that owns the control of Fintyre, started to renegotiate its debt even though in 2018 it posted sales of 1.1 billion euros (425 million from Fintyre) with an ebitda margin of above 83% and a net financial debt of 270 million. The coronavirus emergency caused serious troubles to the business that Bain Capital acquired in March 2017 from BlueGem Capital through the issuance of a PIK (payment-in-kind) bond of 130 million that investors subscribed in private placement in April 2017.
The boards of directors of trouble Italian shipping companies Moby and CIN applied for receivership and therefore decided not to hold on 29 June, Monday, the EGM for discussing the financials for 2019 (see here a previous post by BeBeez). Moby aims to reach an agreement with its creditors. The Onorato family, the owners of the company, is reportedly holding talks with lending banks and bondholders (which grouped under Ad Hoc Group) for restructuring the 560 million euros debt. Hedge funds Soundpoint Capital, Cheyenne Capital, and York Capital invested in Moby’s Luxembourg listed bonds.
On 23 June, Tuesday, Mantova Court accepted the receivership application of Italian fashion firm Corneliani, of which Investcorp has 51% (see here a previous post by BeBeez). The company will have to provide a list of credits and creditors as well as a restructuring plan by 16 November 2020. The court appointed Luca Gasparini as commissioner for Corneliani. In December 2019, the company appointed Giorgio Brandazza as ceo for replacing Luigi Ferrando. Investcorp acquired 51% of Corneliani in February 2020, with a 1.2 billion euros injection of capital. In March 2020, Investcorp launched a capital increase of 5.5 billion for Corneliani.
Chinese Tica paid 0.84 million euros for acquiring Gruppo Industriale Maccaferri’s Sebigas, a producer of biogas plants (see here a previous post by BeBeez). Tica will integrated Sebigas with Exergy an asset that previously acquired from Gruppo Maccaferri. Earlier in May, Officine Maccaferri, part of Gruppo Maccaferri, filed an application for receivership with the Bologna Court after having signed a restructuring agreement with Ad Hoc Group (AHG), the 54% owners of the company’s 190 million euros bond that pays a 5.75% coupon and due to mature in 2021.
Borgosesia, a Milan-listed real estate developer, acquired gross 6 million euros worth off bad loans backed by real estate assets paying 3.15 million euros (see here a previous post by BeBeez). Borgosesia also closed the acquisition of the majority of Lake Holding for above 1 million. In 1H20, Borgosesia invested 4.65 million for acquiring credits amounting to 8.5 million.
Antares Advisory set a 300 million euros fundraising target for Fondo Lusso & Lifestyle (FLL), a vehicle that invests in banking and luxury sector UTPs (see here a previous post by BeBeez). Stefano Romiti and Guido Vesin founded Antares Advisory in 2009. Giovanni Mannucci, Gaetano Sallorenzo and other managers with experience in the above sectors will head the investment team. The fund will have a six-years tenure and aims to buy 250 million euro of UTPs from the banks and raising 50 million euros from investors to relaunch the distressed borrowers.
After Kryalos had received from Banca d’Italia the authorization to invest in UTPs the company signed a partnership with EY for managing its perspective portfolios (see here a previous post by BeBeez). Paolo Bottelli founded Kryalos, while Blackstone has 35% of the company.