We have reached almost 23 billion euros in transactions on the Italian NPEs market since the beginning of the year, with as many as 7 billion euros in deals announced between the end of July and the beginning of August, while at least other 44 billion euros are coming in the year. The figure emerges from the BeBeez database, which processes public data, and follows the 101 billion euros gross value of transactions announced in 2018. BeBeez News Premium‘s readers may download here the BeBeez Report on 8 months of NPLs deals in Italy
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By the end of 2019 Ubi Banca aims to carry on a securitization of NPEs backed by a Gacs warranty for 1 billion euros (see here a previous post by BeBeez).
Unicredit sent to few potential investors a teaser for Project Dawn a portfolio of UTPs worth one billion euros (see here a previous post by BeBeez). The bank may also close in September the sale of a 750 million secured NPE portfolio.
Banca Mps sold four portfolios of distressed credits amounting to 340 million euros (see here a previous post by BeBeez). The bank sold a portfolio of secured and unsecured NPLs worth 137 million and three portfolios of secured and unsecured Utps for 202 million. Mps aims to reduce its gross Npe ratio to 12.7% by the end of 2019
Credito Valtellinese aims to sell NPEs amounting to 800 million euros by 2020, said ceo Luigi Lovaglio (see here a previous post by BeBeez). The bank raised the coverage of its distressed credits to 58.9% from 55.9% of December 2018.
Banca di Asti and Cassa di Risparmio di Biella e Vercelli – Biverbanca sold a portfolio of distressed credits worth 150 million euros (see here a previous post by BeBeez). The banks sold the portfolio to an undisclosed international investor.
Banca Popolare di Sondrio sold a portfolio of distressed credits worth one billion euros (see here a previous post by BeBeez). The bank aims to take its NPE ratio to 8% by 2022. In 2019, BPS has NPEs for 3.933 billion, with a gross NPE ration of 13.65%.
Axactor Italy, the Italian subsidiary of Norway’s listed Axactor, generated a turnover of 11.3 million euros in 1H19 (+90% yoy) (see here a previous post by BeBeez). Antonio Cataneo is the ceo of Axactor Italy.
Milan Court accepted the receivership application of Italian contractor Pessina Costruzioni (see here a previous post by BeBeez). The company has to draft a restructuring plan by 60 days of the outcome of the application, but the Court may allow for an extension of further 60 days. Carlo Pessina founded the company in 1954. Pessina Costruzioni chairman is Massimo Pessina, while Guido Stefanelli is the ceo.
Milan listed football tema AS Roma listed on Vienna stock market a senior secured bond of 275 million euros (see here a previous post by BeBeez). The bond will mature on 1 August 2024 and pay a coupon of 5.125%. The company applied also for a listing of the bond on Luxembourg market. The bond received a BB- rating from Standard & Poor’s. AS Roma will invest the proceeds for repaying its 210 million debt. AS Roma is holding talks for selling its training centres to London investors for 30 million, rumours say. AS Roma may sign with vendors a lease back contract with a 5-6% annual yield.
Banca Popolare di Bari completed two securitizations for performing corporate credits worth 1.2 billion euros and for mortgages of 850 million (see here a previous post by BeBeez). The bank listed the senior tranches of the two securitization at the ExtraMot Pro market.
Italian bio-food producer Fileni Alimentare listed on Vienna Stock market a 20 million euros bond (see here a previous post by BeBeez). The bond pays a fixed rate coupon of 3.5% and is due to mature on 8 August 2026. Fileni has sales of 402.7 million, an ebitda of 22.3 million, and a net financial debt of 60.3 million.
ICM (Impresa Costruzioni Giuseppe Maltauro, fka Gruppo Maltauro), an Italian contractor, issued a 14 million euros minibond (see here a previous post by BeBeez). RiverRock Italian Hybrid Capital Fund subscribed 7 million euro of the issue, Anthilia Capital Partners poured 3 millions, while other firms invested 4 millions. The bond will mature on 31 December 2024 and from 30 June 2020 reimburse ten instalments with an amortizing structure and fixed principal. Icm has sales of 305.7 million, an ebitda of 32.1 million, and net financial debts of 72.8 million.
Vega Carburanti, a distributor of gas and fuel based in Veneto, acquired a new shop based in Grosseto, Tuscany (see here a previous post by BeBeez). Vega has sales of 640 million euros and reportedly issued a mezzanine bond that Antares Private Debt AZ I subscribed last year.