The issuance of minibonds keeps going at a steady rhythm. On the NPLs front, the Italian market is of keen interest to international firms that aims to grow through m&a.
My Choice, a Campania based apparels producer, listed on Milan’s ExtraMot Pro a secured short-term minibond worth 0.5 million of euros due to mature in November 2018 and paying a 3% coupon (see here a previous post by BeBeez). Rete Fidi Liguria and Confidi Sardegna evenly secured the issuance. Last year My Choice posted sales of 7 million (6.5 million in 2016), an ebitda of 0.47 million (0.45 million) and net financial debt of 2.5 million (1.5 million). Such issuance will support the company’s working capital.
Cristiano di Thiene, the fashion company that owns the licence for the brand Aeronautica Militare, issued a minibond for the third time and listed it on Milan’s ExtraMot Pro (see here a previous post by BeBeez). Such liability is worth 0.6 million of euros, is due to mature in June 2019 and to pay a 3.7% coupon. The company will invest the raised funds to support the working capital. The company belongs to brothers Paolo and Armando Sperotto, and last year posted sales of 33.2 million (43.2 million in 2016), an ebitda of 1.4 million (1.5 million) and net financial debt of 9.6 million (11.9 million).
Hoist Finance, the Swedish-listed NPLs firm, is interested in Italian partnerships and acquisitions, as well as enlarging the scope of asset classes in which to invest, said Italy’s country manager Clemente Reale (see here a previous post by BeBeez). In 1Q18 Hoist Finance Italia achieved operative revenues of 18 million of euros (+59% than 1Q17) with a portfolio of NPLs worth 7.8 billion. In March last year, Fitch Ratings assigned ratings of CSS3+, RSS3+, and ABSS2- to Hoist Italia’s activities for Commercial Special Servicer, aResidential Special Servicer, and Asset-Backed Securities Special Servicer.
