Italian NPL Market Update 2017-06

Banca Mediocredito del Friuli Venezia Giulia has signed a binding agreement to sell to Bain Capital Credit a non-performing exposures portfolio valued 400 million euros (gbv) (see here the press release)

IntesaSanpaolo is carrying a strategy to reduce its NPl stock

  • In the first days of June it is expected to close the sale of 2.1Bn Mixed NPL portfolio to a consortium made by Christofferson Robb & Company (Crc), Bayview and Prelios Credit Servicing.
  • i currently running an auction nicknamed “Project Rep” to sale 1.3Bn NPL concentrated n 78 borrowers and including some non finished assets



Cassa Centrale Banca is planning a 560m NPL securitization co-arranged by Banca IMI. This would be the 6th multi originator deal and will have a 85% share of secured loan.

MPS is trying to accelerate the securitization of its 27.7Bn NPL portfolio in order to finally allow Italian Government to step in and take a majoity stake in its capital. As reported in this press release e MPS Board of Directors resolved to grant a period of exclusivity, until 28 June 2017, to Quaestio Capital Management SGR S.p.A. (on behalf of Atlante II and of a group of investors) to enable the negotiation of the terms and conditions of the securitisation of the bad loan portfolio subject to disposal.

Banco BPM is closing his first secured NPL sale of relevant size 720 million euro ($809 million) and announced it would sell a 2 billion euro portfolio of unsecured loans in the second half of the year. As reported by Reuters Mr Edoardo Ginevra stated that the bank was already at work on a separate bad loan sale, slated for 2018, that could make use of a guarantee provided by the Italian state.

  • The non binding offers for the secured pool named ‘Project Rainbow’ ranged from 250 million and 300 million euros. Binding offers should have been received in the first week of June and should be under evaluation
  • If confirmed, the offers would value the portfolio at up to around 35-40 percent of its gross book value, a higher-than-average price reflecting the quality of the properties backing the loans, which include prestigious hotels

Banca Sella signed an agreement (here the press release) with B2Holding group for the sale of 125.5m NPL portfolio. The deal is said to have a positive impact on Profit And Loss account and grant an improvement to capital ratios including NPL ratio.

Banca Ifis as finalized several NPL acquisitions in the first half of the year:

  • From Barclays an agreement for the purchase of a loan portfolio containing both non-performing and performing loans having a nominal value of about 190 million euro from Barclays (Press Release)
  • Two deals for the purchase of about 573 million euro (nominal value) worth of NPLs (press release).The first deal, closed with a leading international investment bank, is related to a portfolio which consists of about 3.500 positions for a nominal value of 413 million euro, while the second deal calls for the purchase from an international banking group of a portfolio of over 13.000 positions for about 160 million euro (nominal value). As for the type of loans purchased, these are primarily unsecured consumer loans.
  • From a primary Italian Bank. Banca a Non-Performing Loans portfolio of a nominal value of over 1 billion euro The portfolio corresponds to over 39 thousand positions and consists of around 650 million euro of unsecured corporate assets. The remaining part is made up of retail unsecured assets.(Press Release)

Axactor has closed two NPL transactions in Italy, the portfolios are Auto finance shortfalls, including unsecured claims with a total Outstanding Balance (OB) of approximately €22 million, across 2,500 cases.

Kruk has singed an agreeement with Banca Ifis (press release)  for the sale of a non-performing loans portfolio of about 750 million euro (nominal value), corresponding to over 70 thousand positions

KKR has acquired italian servicer Sistemia,a platform founded in 2003 with 4.6Bn assets under management.

Varde Partners has acquired italian servicer Guber paying 47m for a 33% equity stake. The platform is the 3rd italian platform for NPL Servicign with 7.5Bn Assets under managment ans some 30m revenues

Stay tuned on Italian Banks and NPL on #Liberi Di Scegliere via @blastingnews



GLG – Gerson Lehrman Group – Council Member

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About Massimo Famularo

Investment Manager and Blogger Focus on Distressed Assets and Non Performing Loans Interested in Politics, Economics,
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1 Response to Italian NPL Market Update 2017-06

  1. Pingback: Italian NPL Market Update 2017-06 (update 1) | Massimo Famularo (ENG)

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