Ignazio Visco, the governor of the Italian Central Bank (Bankitalia) said that banks must use all the available information to correctly categorise the loans under moratorium and highlight losses in a timely and prudent manner (see here a previous post by BeBeez). Visco was speaking during the annual relation of Bankitalia.
Amco repaid in advance UBS and JPMorgan a 750 million euros debt due to mature on December 2021 that had as warranty the securitization of the portfolio of Banca Mps’ compendium (see here a previous post by BeBeez). The total debt amounted to 1 billion and Amco already repaid 250 million in January with the proceeds of a 750 million worth issuance of seven-years unsecured notes that launched earlier in April. Sources close to Amco said to BeBeez that the issuance allowed the company to lower the funding costs as market subscribers are no longer subject to deal with UBS and JP Morgan. Amco completed the repayment of a bridge loan of 3.179 billion that received from UBS and JPMorgan in June 2020.
Bper Banca contributed with UTPs worth 52 million euros to AMCO’s fund Back2Bonis (B2B), for which Prelios is the servicer. The deal has been announced some weeks ago (see here a previous post by BeBeez). Back2Bonis manages credits for one billion. Intesa Sanpaolo, UniCredit Leasing, Banco Desio, Banca MPS, MPS Capital Services, Amco, UBI, and Banco BPM contributed to the fund.
Banco Desio signed a strategic partnership with Prelios Innovation, the fintech subsidiary of Prelios, for trading its NPLs on Prelios Innovation’s fintech platform Blinks (see here a previous post by BeBeez).
AZ Eltif Capital Solutions, an European Long Term Investment Fund that Azimut launched together with Muzinich, has announced the final closing with 147.5 million euros in committements to invest in the debt of Italian (70%) and European SMEs with a turnover dal of 30 – 200 millions (see here a previous post by BeBeez). The fund has a tenure of eight years and targets the sectors of food, distribution, transports, media, ICT, tlc, healthcare, plastic and rubber, manufacturing, construction, and real estate.
Banca Valsabbina increased to 170 million euros the securitization of SMEs loans for which Phinance Partners is acting as arranger and NSA as deal flow originator (see here a previous post by BeBeez). Banca Valsabbina planned in November 2020 the first sale to Valsabbina SME Platform SPV, which would have subsequently acquired further loans in the region of 10 million per month. Last March, Banca Valsabbina sold to the SPV a portfolio of loans worth in the region of 45 million. The bank increased then its commitment and decided to sell up to 170 millions of credits to the spv until March 2022. The securitisation has a structure of STS (Simple, Transparent and Standardized) which allows for more favourable weightings for bank and insurance underwriters. The SPV issued Milan-listed senior, mezzanine, and junior securities. Intesa Sanpaolo and Banco Santander subscribed to the senior tranche, while Banca Valsabbina, Banca Ifis and Banca Finint subscribed to the mezzanine tranche. NSA, Phinance Partners and other investors acquired the junior tranche.
PerPulire, an Italian provider of professional janitorial services, issued a 200k euros minibond with a 4.3% coupon and placed it on Fundera, the crowdfunding portal of Frigiolini & Partners Merchant (see here a previous post by BeBeez). SICI sgr is the anchor investor for the minibond that will mature on 26 May 2022 and receive the warranty of Fondo di Garanzia per le Pmi of Mcc. The bond is callable with the payment of a reward to the investor. PerPulire has sales of 19.2 millions, an ebitda of 2 millions and net debts of 4 millions.
On May 12th the Rome Court accepted the receivership application of Gruppo Alimentare Meridionale spa (GAM), the owner of supermarkets chain Despar (see here a previous post by BeBeez). GAM has debts of 110 million euros.
Italian parmesan producer 4 Madonne Caseificio dell’Emilia (Caseificio) issued a one million euros minibond and started fundraising on the crowdfunding platform Fundera owned by Frigiolini & Partners Merchant (see here a previous post by BeBeez). The bond will mature on 27 May 2022. The company provided parmesan cheese as collateral for 120% of the issuance. The gross annual coupon is of 3.5%. The issuant has a call option call with a reward for the investor.
Framont & Partners Management (FPM), a Malta-based asset manager that ceo Gianluigi Montagner heads, launched Hubble Capital Fund, a multi-compartment credit fund that targets the Italian market (see here a previous post by BeBeez). The fund aims to raise 100 million euros.
Burgo, the Italian paper and energy company that belongs to turnaround fund QuattroR (71.2)% and the Marchi family, received a financing facility from a pool of banks and with the warranty of Sace (see here a previous post by BeBeez). The company review some of its current financing contracts with the lenders. QuattroR had acquired the majority of Burgo in September 2020 after having invested 70 million euros in a capital increase