In 2020, the potential size of the Italian supply chain finance (SCF) market shrunk from 505 billion euros (2019) to 450-490 billion, said the Osservatorio Supply Chain Finance of the School of Management of Milan Polytechnic University (PoliMi) (see here a previous post by BeBeez). Federico Caniato, the director of Osservatorio Supply Chain Finance, said that the decline in the potential SCF market in 2020 has been less than proportional to that of companies turnover (down 10-12% according to ISTAT data), due to the lengthening of cash cycles caused by the coronavirus. The exact value will depend on companies’ collection and payment performance in 2020.
Negentropy Capital Partners, a private debt investor, appointed Alessandro Caramella as investments and business development director (see here a previous post by BeBeez). Caramella previously worked as EMEA head of equity solutions at Bank of America Merrill Lynch and as senior banker for JPMorgan, Morgan Stanley and UBS
SITE, a provider of diagnostic systems for the telecom, railway and energy sectors that belongs to the Borghi Family, received from Banca Monte di Paschi di Siena (MPS) a 5 million euros financing facility with the warranty of SACE (see here a previous post by BeBeez). The company will invest the proceeds in its working capital. SITE has sales of 290.3 million, an ebitda of 7.7 million and a net financial debt of 10.4 million.
Gruppo EVA Energie Valsabbia signed an agreement with Intesa SanPaolo for the sale of energy efficiency tax credits for up to 30 million euros (see here the webinar of Assofintech and BeBeez on the subject) (See here a previous post by BeBeez). EVA will also receive a 4 million credit line from Intesa SanPaolo. EVA has sales of 30.1 million, a net turnover of 19.1 million, an ebtida of 4.6 million, and a net financial debt of 40.9 million that includes a 26 million bond that is Vienna-listed since May 2019 after the issuance in July 2018. The bond pays a 5.9% coupon and is due to mature on 31 December 2029.
Milan-listed asset manager Azimut and Sygnum Bank launched Azimut Token (Azim), a token for investing in the real economy (See here a previous post by BeBeez). Azimut will issue the instrument on Desygnate through a Security Token Offering (STO) with the ID Azim. Each token is the digital representation of a portfolio of 5 million euros of corporate loans to Italian SMEs that Borsa del Credito originated and for which Mediocredito Centrale (MCC) provided a 90% warranty.
Italian Co-operative Consorzio Innova, a facility management company, issued a minibond of 8 million euros due to mature in October 2026 with the warranty of Mediocredito Centrale (MCC) and an annual yield of 5% with a biannual coupon payment (See here a previous post by BeBeez). The bond has a non-linear repayment structure and is callable with a premium for the investors. EmilBanca and other investors subscribed the bond that will soon list on Milan market. Innova has sales of 107 million, an ebitda of 2.77 million and net cash of 0.262 million.
SustainAdvisory, a startup M&A and debt advisory firm with a focus on ESG, received the Approved Verifier qualification from Climate Bonds Standards Board and became part of the Climate Bonds Standard & Certification Scheme (See here a previous post by BeBeez). In September 2020, Francesca Fraulo (a former director of FitchRatings) founded SustainAdvisory, a consultancy firm for ESG risks and opportunities with its own proprietary models and algorithms (scores, KPIs, benchmarks) based on big data and artificial intelligence technologies. See here the video of a conference about ESG bonds of the Minibond Observatory of Milan Polytechnic University that took place earlier in February, and for which BeBeez acted as media partner.
Banca Carige sold to AMCO a portfolio of distressed leasing credits with a face value of 70 million euros (See here a previous post by BeBeez). Carige said that by year end it will sell AMCO another portfolio of leasing Npls with a face value in the region of 100 million.
Zenith Service appointed Stefano Corbella as Head of Real Estate & UTPs (see here a previous post by BeBeez). Corbella previously worked for Ernst & Young Consultants, Pirelli & C. Real Estate and as coo of IFIS NPL (fka FBS RE).
Bnl Gruppo Bnp Paribas launched a proprietary platform for the securitization of distressed credits that the bank originated and have real estate assets as underlaying (see here a previous post by BeBeez). The bank issued partly paid senior and junior notes.
Milan-listed Banca Ifis closed a securitization of Npls with a gross value of 1.323 billion euros (see here a previous post by BeBeez). The portfolio is made by ordinanze di assegnazione (ie assignment order) which are issued by a judge after the creditor (in this case Banca Ifis) has won the case with the debtor on the collection of the credit. On the strength of the assignment order, the bank is authorized to seize the debtor’s assets for an amount equal to that due, with compulsory recovery. In the case of Banca Ifis, this takes place through a transfer from the salary of the debtor natural person (i.e. the fifth of the salary). Ifis Npl 2021-1 spv issued senior, mezzanine and junior notes. Ifis Npl Investing subscribed all the mezzanine and junior notes. The orginator will retain a net 5% of the value of the senior notes worth 365 million that will list on Milan market while institutional investors will refinance them. The first tranche is of 158.8 million, has a yield of 215 bps over the 6 months Euribor and will mature on 31 January 2051. The second tranche is of 206.2 million, has the same yield and will expire on 31 July 2051. The junior (26.6 million) and mezzanine (74.4 million) tranches will expire on 31 July 2051 and yield 6%, and 12%. Moody’s and Scope rated with A2 and A- the senior tranche, B2 and B+ the mezzanine. The junior tranche is unrated
MBCredit Solutions (part of Mediobanca) acquired a portfolio of Npls with a face value of 33 million euros from an undisclosed consumer credit company (See here a previous post by BeBeez). MBCredit Solutions renewed a forward flow agreement for 100 million with another undisclosed consumer credit company.