Italian NPL Market Update 2017-09

REV the “Bad Bank” that inherited the NPLs of the 4 banks resolved by Italian government in Dec 2015

  • has closed the “Projectg Vasari” selling 300m GBV to US fund Seer Capital that will use Locam as special servicer
  • has shortlisted Bain Capital, Fortress and Cerberus for the final stage of Project Rossini a mostly secured NPL potfolio worth some 1 Bn GBV

754px-giorgio_vasari_-_volcano27s_forge_-_google_art_project

Unicredit is launching “Project Firenze” a mixed (mostly unsecured) NPL portfolio worth some 1-1,5Bn GBV. The sale is expected to be closed by 2017 year end. All the most relevant investors are said to be interested to the project including Fortress and Pimco that won the precedent Project Fino (17,7Bn with sale agreement last year and closing this year).

As reported by Bebeez and Milanofinanza 3 investor syndicates have been shortlisted for the final round of Intesa Sanpaolo’s Project Rep 

  • Gwm in Jv with Pimco
  • Pillarstone with KKR and Coima
  • TPG with Starwood and Prelios

The portfolio is worth some  1.35Bn GBV and will be disposed using a securitization structure in which the bank will retain some part of the senior notes. Some 58% of collaterals are residential real estate assets.

Carige is said to have received more than 30 LOIs for its 1,2 Bn NPL portfolio that is going to be sold jointly with the credit management operations. Following the Brisca Securitization of last June, the bank is trying to carry on a proactive strategy to reduce NPL stock and improve credit management strategy.  The strategy include the creation of a new NPE Unit lead by Marco Cavazzutti formerly head of litigation for Banca Popolare di Bari and previously head of restructuring for Unicredit.

Stay tuned on Italian Banks and NPL Market  Join the Linkedin Group – Entering Italian NPL Market  and follow  #Liberi Di Scegliere via @blastingnews

@massimofamularo

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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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