IMN’s 3rd Annual Investors’ Conference on Italian & European NPLs

#SaveTheDate – IMN’s 3rd Annual Investors’ Conference on Italian & European NPLs will return to Milan, Italy,  at Hotel Principe Di Savoia, on 15 November 2018 ,to address the latest updates in the non-performing loan market.

The conference will bring together leading representatives from major banks, private funds, law firms, rating agencies, service providers and more to discuss the industry’s pressing topics, including:

  • Overview of Italy’s Banking Sector: Strengths, Weaknesses, Opportunities and Threats
  • Overview of Key Government Efforts to Stabilise the Italian Banking Sector (insolvency and debt recovery proceedings, bank consolidation efforts)
  • Investing in NPLs: Risk and Pricing Considerations for Investors
  • Funding the Program: The Role of Securitisation in Fueling NPL Purchasing Power
    NPL Sellers’ Roundtable: Assessing the Impact of the Government Led Initiatives to Date
  • Application to Other Mediterranean Economies: Implications for Spain, Portugal and Beyond

Link to Register

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GLG – Gerson Lehrman Group – Council Member

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Italian Banks Update 2018-07

Spaxs presented the strategic plan for 2018 – 2023 of the new bank that will specialise in underserved segments of the Italian SME market and offer highly digitalised services to retail and corporate customers by means of an innovative business model.

The new bank will be created from the Business Combination with Banca Interprovinciale S.p.A. – the approval process with the relevant Supervisory Authorities is underway – and will be subject to the approval of the Shareholders’ Meeting of SPAXS on 8 August on first call and on 31 August on second call.

Banca Carige received  from ECB a negative feedback on its capital-conservation proposal. The regulator asked for a new plan to boost its capital, saying it should consider a merger as an option and swiftly resolve its corporate-governance crisis.Hit by boardroom turmoil, Carige is struggling to regain investor confidence even as Italy’s banking crisis subsides. The ECB also demanded that the bank swiftly find a replacement for Chairman Giuseppe Tesauro, who resigned last month because of differences over the management of the bank.

Iccrea Banca closed a 1Bn NPL securitization (here press release). It is the first European rated multi-originator deal of this kind with 23 originators and it will a GACs on the senior tranch worth 282m rated Baa3 by Moodys  and BBB- by Scope. Other tranches are a Mezzanine worth 31,4 rated Caa2/B+ by the same rating agencies and an unrated junior worth 10,5m.

Banco BPM will evaluated at least six offers for the acquisition of its credit management platform in bundle with a NPL portfolio. Bidders for this deal include  PIMCO working with its captive servicer Phoenix Asset Management; Davidson Kempner in joint with  TPG and  CRC , with Prelios as special servicer and  Mediobanca and Roschild as advisor; Varde Partners with Guber Bank; Fortress with its listed captive servicer doBank   and City as advisor; Elliot Capital Management with Credito Fondiario Fospa as servicer, Goldman Sachs as advisor and  CBRE for real estate assessment; and finally   Cerberus advised by Lazard e Vitale (here news in Italian)

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GLG – Gerson Lehrman Group – Council Member

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My Workshop at NPL Meeting

Savethedate on September 27th I am going to present a workshop at Banca IFIS‘ NPL Meeting

Cattura The topic I am going to cover is

PORTFOLIO MANAGEMENT AS KEY DRIVER FOR BOTH BUYERS AND SELLERS IN NPL MARKET

The workshop will take place in 2 time slot

  • 2:30 PM – 3:00 PM – Palazzo del Cinema – Sala 7
  • 4:00 PM – 4:30 PM – Excelsior – Sala Morosini

In order to attend the workshop you need to register to the main event at this link 

Then you will be allowed to access the workshop page where you can book by clicking on the appropriate button as showed below

Cattura

 

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Are you interested in Italian banks and NPL/UTP market?

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@massimofamularo

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GLG – Gerson Lehrman Group – Council Member

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Italian NPL Update 2018-07

Cerberus Capital Management announced an agreement to acquire a 57% share of Officine CST SpA, Headquartered in Rome, the acquired firm provides integrated credit management services to large enterprises such as banks, institutional investors, utilities, and multinational companies, as well as small and medium sized enterprises. The company manages over €16 billion in claims and employs 150 people in Italy.

Banca IFIS has finalized an agreement to acquire control over FBS S.p.A.,
a company established by Paolo Strocchi operating in the NPL segment as a servicing specialist (including both master and special services), manager of secured and unsecured NPL portfolios, due diligence advisor, and investor authorized to conduct NPL transactions.

In addition to the large NPL securitization  deal recently closed (Italian news), MPS is planning Further bad loan disposals for at least EUR 2.6bn in 2018 with Estimated impact of disposals already included in IFRS 9 FTA.

Cattura

PWC published a new update in its Italian NPL Market Report. After the peak in 2015 NPEs have been decreasing in Italy with a sharp decline of some 60Bn in 2017 wich could continue in 2018 when some 70Bn sales are expected. After Bad Loans successful reduction process that is expected to continue in 2018-19, Unlikely To Pay are the next focus of the market facing the challenges of this specific asset that often need new lending and turnaround skills to be properly managed.Special Servicing Market is the most relevant opportunity since it could involve not only exposures sold or securitized but also the outsourcing of those assets that will remain on banks’ balance sheets.

Banco BPM closed a 5.1Bn  NPL securitization deal (Italian News) named project Exodus and launched project Ace a 3.5Bn NPL portfolio sold in bundle with a stake in the credit management platform of the bank.

Intesa Sanpaolo is planning to sell a 250m Unlikely to Pay (UTP)  portfolio in a sale named Progetto Levante. This new deal comes after the closing of a relvant JV agreement signed with Intrum Lindorff aimed to create a new servicing platform with 40Bn NPL under management. Some 10.8 Bn of these assets will be disposed by the bank through a securitization scheme.

Credito Valtellinese completed the securitization of a bad loans (sofferenze) portfolio for a Gross Book Value (“GBV”) of some EUR 1.6 billion (“Project Aragorn”), through the transfer of such portfolio to a securitization vehicle  named Aragorn.  The vehicle issued three classes of ABS: a senior tranche of 509.5 million backed by Gacs; a mezzanine tranche with investment rating of 66.8 million; a junior tranche of 10 million. In a separate press release the bank announced that  sale to institutional investors of the 95 per cent of the mezzanine and junior notes has been completed.

Credito Fondiario acquired a portfolio consisting of secured non-performing loans of the Creval Group for a gross book value (“GBV”) of EUR 222 million – which includes real estate financial leases for a GBV of over EUR 56 million – at a price close to 41% of GBV.
The portfolio consists of credit exposures mainly to real estate companies, classified as unlike to pay and bad loans.

Bain Capital Credit acquired a portfolio of NPLs with a gross value of 100 million from Alba Leasing .

Axactor has entered 3 new forward flow agreements including a significant forward flow with a financial institution in Italy. The portfolios contain unsecured consumer claims with an outstanding debt value of 140 mEUR per annum across approximately 28.000 claims, with the contracts covering a 12month period.

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@massimofamularo

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GLG – Gerson Lehrman Group – Council Member

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New PWC Report on Italian NPL market

Several interesting insights in the last issue of Italian NPL Market the regular publication of PWC covering Italian Banks, Real Estate Servicing and Non Performing Exposures.

After the peak in 2015 NPEs have been decreasing in Italy with a sharp decline of some 60Bn in 2017 wich could continue in 2018 when some 70Bn sales are expected.

Cattura

After Bad Loans successful reduction process that is expected to continue in 2018-19, Unlikely To Pay are the next focus of the market facing the challenges of this specific asset that often need new lending and turnaround skills to be properly managed.

Cattura

Special Servicing Market is the most relevant opportunity since it could involve not only exposures sold or securitized but also the outsourcing of those assets that will remain on banks’ balance sheets.

Cattura

Here the link to the Report

Do you like my updates? subscribe my newsletter 

Are you interested in Italian banks and NPL/UTP market?

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@massimofamularo

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GLG – Gerson Lehrman Group – Council Member

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Talking about ECB guidelines and Italian Banks

This week I am going to attend the Corporate Parity’s 3rd Annual Global Debt Collection & NPL Portfolio Summit and will present a case study regarding ECB guidelines and potential impacts on Italian Banks.

Link to the Event

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Do you like my updates? subscribe my newsletter 

Are you interested in Italian banks and NPL/UTP market?

Ask for a briefing by sending me a private message (in person or via conference call) .

To get further updates 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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Largest NPL securitization closed by BMPS

Monte dei Paschi di Siena Group (“BMPS”) has completed the securitization transaction for the sale of a bad loan portfolio of c. EUR 24.1 billion and obtained investment grade ratings on the senior tranche. (press release).

The senior tranche, worth R 2,918 million has received an Investment Grade Rating by 3 agencies:

  1. Moody’s Investors Service: A3
  2. Scope Ratings GmbH: BBB+
  3. DBRS: BBB

According to BDRS Press release 

  • the majority of loans in the portfolio defaulted between 2000 and 2017 and are in various stages of resolution.
  • The receivables are serviced by Credito Fondiario S.p.A. (Credito Fondiario), Italfondiario S.p.A., Juliet S.p.A. (a joint venture between Cerved S.p.A. and the servicing platform of Banca MPS) and Prelios S.p.A. (collectively, the Special Servicers) with Credito Fondiario operating as the Master Servicer in the transaction
  • Approximately 57.8% of the pool by GBV is secured and 51.0% of the secured loans by GBV benefit from a first-ranking lien.
  • The secured loans in the portfolio are backed by properties located across Italy, with concentrations in the regions of Tuscany, Veneto, Lombardy and Campania.

Do you like my updates? subscribe my newsletter 

Are you interested in Italian banks and NPL/UTP market?

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@massimofamularo

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GLG – Gerson Lehrman Group – Council Member

Posted in Entering Italian NPL Market, Italian Banks | Tagged , , , | 1 Comment