• Contacts
Thursday, 2 February 2023
  • it Italiano
  • en English
Newsletter
BeBeez
  • .
  • Home
  • RISK CAPITAL
    • Angels & Incubators
    • Equity Crowdfunding
    • Venture Capital
    • Private Equity
    • Club deal
    • Spac
    • Euronext Growth Milan
    • Real Estate
    • Private equity, venture capital and private debt data in the world
    • Private capital in the world
      • Private capital in Europe
      • Private capital in Asia Pacific
      • Private capital in North America
      • Private capital in the rest of the world
    • Real Estate in the world
      • Real estate in Europe
      • Real Estate in Asia Pacific
      • Real Estate in North America
      • Real Estate in the rest of the world
  • CREDIT & DEBT
    • Private Debt
    • Crisis & Relaunch
    • Bad loans and other NPLs
  • ANALYSIS & COLUMNS
    • Insight Views EN
    • Report
    • Beez Peak
    • Comments
    • Data&Analysis
    • Fintech
    • Management
    • Art&Finance
    • GreenBeez
  • TOOLS
    • Sectors & Companies
    • Events
    • BeBeez Academy
    • BeBeez Podcast
  • BEBEEZ PREMIUM
    • BeBeez Private Data
    • BeBeez News Premium
    • Pricing
    • Subscriber Access
  • Login
Abbonati
  • Home
  • RISK CAPITAL
    • Angels & Incubators
    • Equity Crowdfunding
    • Venture Capital
    • Private Equity
    • Club deal
    • Spac
    • Euronext Growth Milan
    • Real Estate
    • Private equity, venture capital and private debt data in the world
    • Private capital in the world
      • Private capital in Europe
      • Private capital in Asia Pacific
      • Private capital in North America
      • Private capital in the rest of the world
    • Real Estate in the world
      • Real estate in Europe
      • Real Estate in Asia Pacific
      • Real Estate in North America
      • Real Estate in the rest of the world
  • CREDIT & DEBT
    • Private Debt
    • Crisis & Relaunch
    • Bad loans and other NPLs
  • ANALYSIS & COLUMNS
    • Insight Views EN
    • Report
    • Beez Peak
    • Comments
    • Data&Analysis
    • Fintech
    • Management
    • Art&Finance
    • GreenBeez
  • TOOLS
    • Sectors & Companies
    • Events
    • BeBeez Academy
    • BeBeez Podcast
  • BEBEEZ PREMIUM
    • BeBeez Private Data
    • BeBeez News Premium
    • Pricing
    • Subscriber Access
  • Login
Abbonati
BeBeez
Home Crisis & Relaunch

Atlante fund will buy 1.6 bn euros mezzanine tranche in Mps’ bad loans securitization. Here is the price

bebeezbybebeez
1 August 2016
in Companies, Crisis & Relaunch, Private Equity
Share on FacebookShare on Twitter

prezzoNPLQuaestio Capital Management sgr’s Atlante fund will buy  the 1.6 billion euros mezzanine tranche of the projected Banca Monte dei Paschi di Siena’s 9.2 billion euros Npl securitization which was announced last July 29th. The fund will be as well granted warrants to buy a 7% stake in Mps’s capital when a 5 billion euros capital increase will be launched by the end of the year (see here the press release).  

The news is part of a more complex plan announced by the bank last Friday which actually includes a strengthening in coverage of non-performing exposures (i.e. bad loans, unlikely to pays and past due loans), the de-recognition of the bad loan portfolio (gross 27.7 billion euros or net 10.2 billions on March 31st 2016) through the securitization structure and a 5 billion euros capital increase.

The completion of the transaction is subject, among others, to approval by the relevant supervisory and regulatory authorities. The Bank will submit to the ECB, at the earliest possible date, a comprehensive capital plan including the Rights Issue aimed at obtaining a more than adequate capital position. In this regard, the ECB has confirmed that Mps, subject to all parts of the transaction being successfully completed, will be able to exclude/limit the impact stemming from the disposal of all bad loans as part of the Transaction, for the calculation of loss given default (LGD) estimates.

Banca Mps is supported by JP Morgan and Mediobanca as financial advisors, as global coordinator of the capital increase and as arranger of the bad loan portfolio securitization. Banca Mps is also supported by Lazard as independent financial advisor and by BonelliErede law firm, while professors Piergaetano Marchetti and Francesco Carbonetti are advising the bank, respectively, on company and supervision legal aspects.

As for the timeline, Mps’s ceo Fabrizio Viola told in a conference call last Friday that “the business plan will be presented next September before the capital increase. Next October or November the shareholders’ meeting will vote the whole transaction and by end of the year we will close the capital increase and the bad loan derecognition”. The Here are the details of the proposed transation.

  1. Increase in the coverage ratios of impaired exposures (i.e. bad loans, unlikely to pays and past due loans) from 63.3% to 67%. The average coverage ratios of unlikely-to-pay (16.9 billion euros gross exposure and 12 billions net exposure as of 31 March 2016 and coverage ratio of 29.1%) and past-due (2.6 billions gross exposure and 1.9 billions net exposure as of 31 March 2016 and coverage ratio of 27.2%) will be increased to 40%. The total amount of the above mentioned measures is estimated at about 1 billion euros for bad loans and about 2.2 billions for the other categories of non-performing loans.
  2. The BMPS bad loan portfolio will be fully transferred to a securitization vehicle under the Italian law at a price equal to 9.2 billion euros (or 33% of gross book value, corresponding to the net book value of the bad loan portfolio, following the increase in the coverage ratios described above. This is a price which is very close to the one Quaestio Capital Management sgr’s ceo, Alessandro Penati, told he was targeting when he had presented Atlante fund last Spring, see here a previous post by BeeBeez and download here Atlante fund’s presentation: at page 34 you’ll find how a 32.88% acquisition price may be reached). The italian spv will issue senior notes for up to 6 billion euros, to be placed with investors and to be potentially eligible and assisted, for its investment grade component, by the Gacs (Garanzia Cartolarizzazione Sofferenze or a guarantee by the Italian Government); mezzanine notes for up to 1.6 billion euros to be underwritten by the Atlante Fund;  junior notes for up to 1.6 billions to be assigned to the shareholders of BMPS, in order to achieve simultaneous de-recognition of the bad loan portfolio from the BMPS balance sheet. It is also expected that the financial instrument to be assigned to existing BMPS shareholders shall be publicly traded.
  3. Recapitalization of the bank by the end of 2016 in order to restore a solid regulatory capital position for BMPS following the transaction. The Board of Directors of BMPS will convene a General Meeting for the approval of the divisible share capital increase, with pre-emption rights to BMPS shareholders, for up to 5 billion euros and a share capital increase with no pre-emption rights, dedicated to the warrants to be issued to the Atlante Fund, for the subscription of newly issued BMPS shares for 7% of the fully diluted share capital post-completion of the rights issue. J.P. Morgan and Mediobanca, acting as Joint Global Coordinators and Joint Bookrunners, and Banco Santander, BofA Merrill Lynch, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs International, acting as Co-Global Coordinators and Joint Bookrunners have entered into a preunderwriting agreement – subject to standard terms and conditions for transactions of this nature and certain specific conditions related to the positive outcome of the deconsolidation of the bad loan portfolio and of the marketing activities – with the purpose to enter into an underwriting agreement for the subscription of the newly issued shares eventually unsubscribed at the end of the offering for an amount of up to 5 billion euros .

Last July 28th Quaestio Capital Management sgr had presented its management team focused on credit risk  and distressed securities analysis and management in view of its coming investments in the non performing loan market (download here the press release).

Tags: AtlanteMontepaschiMpsnon performing loannplprivate equityQuaestio capital management sgr @en
Sector news and cards : Financial Services

Iscriviti alle nostre Newsletter

Iscriviti alle newsletter di BeBeez

Iscriviti
Previous Post

Banca Ifis conquers GE Capital Interbanca in a 2 billion euros deal

Next Post

Cinven enters exlusive talks for Italy’s Old Mutual insurance activities

Related Posts

Italy’s private equity weekly roundup. News from Atlantia, ITA Airways, Lega Calcio Serie A, NetInsurance, KPMG and more
M&A and corporate finance

Italy’s private debt, corporate finance, distressed assets and NPLs weekly roundup. News from Atlantia, Illimity, Phinance Partners, Enfinity Global, RealStep, Proma, ePrice, Sampdoria, Enertronica Santerno and more

19 January 2023
Moda&Lusso, private equity in gran spolvero nel 2022, con 34 operazioni. Di cui dieci add-on del Gruppo Florence
Data&Analysis

Moda&Lusso, private equity in gran spolvero nel 2022, con 34 operazioni. Di cui dieci add-on del Gruppo Florence

18 January 2023
Italy’s weekly private equity roundup. News from EY, KPMG, Saes Getters, Gruppo Hager, Blue sgr, Eurovita, and more.
Private Equity

Italy’s weekly private equity roundup. News from EY, KPMG, Saes Getters, Gruppo Hager, Blue sgr, Eurovita, and more.

13 January 2023
Italy’s private equity weekly roundup. News from Certares, RedBird, Montepaschi, Investindustrial, JPMorgan AM and more
Private Equity

Italy’s private equity weekly roundup. News from Ita Airways, Tim, Ion Investments, Sampdoria, Egger and more

6 January 2023
Italy’s distressed assets, NPLs and private debt weekly roundup. News from Monte dei Paschi, Intrum Italy,  BPER, CDP, Planet Farms Holding, Luigi Luzzatti and more
Private Debt

Italy’s distressed assets, NPLs and private debt weekly roundup. News from Monte dei Paschi, Intrum Italy, BPER, CDP, Planet Farms Holding, Luigi Luzzatti and more

5 January 2023
Italy’s private equity weekly roundup. News from TIM, Be Shaping the Future, Sampdoria, Sistemi Rinnovabili, Centro Medico Santagostino and more
Private Equity

Italy’s private equity weekly roundup. News from TIM, Be Shaping the Future, Sampdoria, Sistemi Rinnovabili, Centro Medico Santagostino and more

23 December 2022
  • Report
  • Events
  • BeBeez Podcast

Report

Venture capital down and super concentrated in Italy in 2022. Only 36 rounds raised 2.2 bn euros out of a total of 358 rounds and 2.57 bn (up from 2.9 bn in 2021). BeBeez Report.

Venture capital down and super concentrated in Italy in 2022. Only 36 rounds raised 2.2 bn euros out of a total of 358 rounds and 2.57 bn (up from 2.9 bn in 2021). BeBeez Report.

25 January 2023
While venture capital activity in the third quarter of the year collapsed globally, Italy was an exception, with as many as 80 rounds raised for a total value of more than €1 billion. Q3 BeBeez Report

While venture capital activity in the third quarter of the year collapsed globally, Italy was an exception, with as many as 80 rounds raised for a total value of more than €1 billion. Q3 BeBeez Report

13 October 2022
BeBeez’s Fintech Report, more than €1bn raised by Italian startups and scaleups in 9 months. While lending platforms fueled more than 2.8 bn to SMEs in 6 months

BeBeez’s Fintech Report, more than €1bn raised by Italian startups and scaleups in 9 months. While lending platforms fueled more than 2.8 bn to SMEs in 6 months

10 October 2022
Private debt hits a record in Italy in 2021 with volume over 26 mld euro, twice the figure in 2020. The new Report by BeBeez. See here all the tables

Private debt hits a record in Italy in 2021 with volume over 26 mld euro, twice the figure in 2020. The new Report by BeBeez. See here all the tables

14 March 2022

Events

Merry Christmas and a 2021 of rebirth to all our readers!

Merry Christmas and a wish for 2023 to be a really good year for everyone!

24 December 2022
We wait for you in London at the Global NPL by Smith Novak next Oct 5-6. BeBeez is media partner

We wait for you in London at the Global NPL by Smith Novak next Oct 5-6. BeBeez is media partner

14 September 2022
Have a wonderful Summer! BeBeez goes on vacation and comes back on August 23rd. Catch our Summer offer and try BeBeez Private Data!

Happy Summer! BeBeez goes on vacation and comes back next August 22nd

8 August 2022

BeBeez waits for you next Wed July 6th at a webinar by Equita and Morri Rossetti to talk about MBOs in Italy versus France and Germany. BeBeez is unique media partner

1 July 2022

BeBeez Podcast

No Content Available

Co-sponsors

Partners

Tag

Banca Ifis Banco Bpm BeBeez Magazine bilanci bilancio blockchain bond Coronavirus COVID-19 Credito Fondiario deteriorati Gacs governo Hines hotel Illimity Italia Italy Italy Kryalos Lbo index L Catterton Leanus logistica magazine NB Aurora nexi NPE npl npl Pir private capital private debt private debt private equity private equity private equity quotazione real estate Roma Round scaleup Utp venture capital venture capital
This site generates cookies, all of which are necessary for it to work properly. Here is our cookie policy page.

Necessary cookies

Cookie Google Analytics

Cookie tecnici

List of cookies - Privacy policy - Cookie policy
x
Cookies?
Bebeez

EdiBeez srl

C.so Italia 22 - 20122 - Milano
C.F. | P.IVA 09375120962
Aut. Trib. Milano n. 102
del 3 aprile 2013

Follow

Risk Capital

  • Angels & Incubators
  • Venture Capital
  • Private Equity
  • Club deal
  • Spac
  • Euronext Growth Milan
  • Real Estate
  • Private equity, venture capital and private debt data in the world
  • Private capital in the world
  • Real Estate in the world

Credit & Debt

  • Private Debt
  • Crisis & Relaunch
  • Bad loans and other NPLs

Analysis & Columns

  • Insight Views EN
  • Report
  • Beez Peak
  • Comments
  • Data & Analysis
  • Fintech
  • Management
  • Art&Finance
  • GreenBeez

Tools

  • Sectors & Companies
  • Events
  • BeBeez Academy
  • BeBeez Podcast

Who we are

  • Who we are
  • What people say about us
  • Contacts

Personal data management

  • Login BeBeez News Premium
  • Subscribe

Information on the site

  • Privacy Policy
  • Terms and conditions of use
  • Cookie Police
  • Site Map

Powered by Olomedia © 2021

  • it Italiano
  • en English
  • Risk Capital
    • Angels&Incubators
    • Equity Crowdfunding
    • Venture Capital
    • Private Equity
    • Club deal
    • Spac
    • Euronext Growth Milan
    • Real Estate
    • Private equity, venture capital and private debt data in the world
    • Private capital in the world
      • Private capital in Europe
      • Private capital in Asia Pacific
      • Private capital in North America
      • Private capital in the rest of the world
    • Real Estate in the world
      • Real estate in Europe
      • Real Estate in Asia Pacific
      • Real Estate in North America
      • Real Estate in the rest of the world
  • Credit & Debt
    • Private Debt
    • Crisis & Relaunch
    • Bad loans and other NPLs
  • Analysis & Columns
    • Insight Views EN
    • Report
    • Beez Peak
    • Comments
    • Data&Analysis
    • Fintech
    • Management
    • Art&Finance
    • GreenBeez
  • Tools
    • Sectors & Companies
    • Events
    • BeBeez Academy
    • BeBeez Podcast
  • Bebeez Premium
    • BeBeez Private Data
    • BeBeez News Premium
    • Pricing
    • Subscriber Access
  • My Account
  • Subscribe

Powered by Olomedia © 2021

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Search...