The Italian NPL market is still attracting international investors that buy portfolios of problematic credits and carry on M&A transactions with servicers. No news instead on the private debt side in the week ended yesterday.
Prime Credit 3 (PC3) and Oxalis Holding acquired Phoenix Asset Management (Pam), the Rome-based Npl company, from founders Steve Lennon, Paolo Lo Giudice, and Roberto Tavani (see here a previous post by BeBeez). PC3 is a Luxembourg private equity firm that belongs to Anacap Group. Oxalis is an investment firm of asset management giant Pimco. The European competition authority cleared the transaction. Pam’s assets under management are worth 9.5 billion of euros split on 11 portfolios of secured, unsecured, and unlikely-to-pay Npls.
Umberto Rasori is the new chief executive officer Zenith Service, a master servicer of Italian securitisations (see here a previous post by BeBeez). Rasori is 43 and works at Zenith Service since 2011. He has previously been the company’s business development manager. Zenith wholly belongs to Arrow Global Group Plc since December 2016. Rasori takes over the role of John Calvao which became the ceo of Arrow Global’s Italian subsidiary.
Carige is about to sell a gross amount of NPLs worth 1.5 billion of euros through securitisation backed by Gacs procedure (see here a previous post by BeBeez). Such sale may start in 2Q18. After this transaction, Carige’s NPLs portfolio will be below 56% of total credits and is expected to amount to 2.1 billion in 2020.