Italian private debt and NPL market participants keep the deal flow steady.
Mirko Frigerio, the president of advisory firm Astasy, said that in 1H18 the auctions of real estate assets linked to NPLs increased by 39% yoy (see here a previous post by BeBeez). Frigerio shared such data during the Caffé di BeBeez event about NPLs last 10 July. Vito Ruscigno, a partner of PwC who was also a panelist at the same event explained that real estate NPLs are 40% of the total amount of problematic credits. Gabriele Mazzetta, ceo of NPL ReSolutions, said that the first best solution for this kind of NPLs is the extra-judiciary settlement. However, BeBeez data show on another front that the UTP and past due credits weigh less on the accounts of Italian banks (see here a previous post by BeBeez)
Montepaschi is selling a porfolio of UTP worth up to 400 million of euros (see here a previous post by BeBeez). On another front, the bank is working on the sale Project Morgana, a portfolio of problematic leasing credits. To this end, Montepaschi may divest Mps Leasing & Factoring or a portfolio of leasing UTPs worth up to 1 billion. Montepaschi is also selling real estate assets worth in the region of 500 million, while it frozen the sale of the Information Technology platform.
Advice Group, an Italian behavioral marketing company, listed on Milan ExtraMot Pro a short-term minibond of 0.3 million of euros (see here a previous post by BeBeez). The liability will mature on 30 April 2019 and pay a 5.8% coupon. This minibond is part of a revolving issuance plan for 2018-2019 worth 3 million and up to 0.8 million for each bond. Flavio Furbatto (president, ceo, and 80% owner) and Riccardo Barbieri (coo) founded Advice, which has revenues of 3.9 million, an ebitda of 0.5 million and net financial debts of 1.28 million.
The fund of private debt funds of managed by Fondo Italiano d’Investimento invested almost all of its 400 million of euros worth resources, that Cdp, Nexi, Intesa SanPaolo, Credito Valtellinese, Poste Vita, Cnpadc, Eurovita, Intesa Sanpaolo Vita, and pension funds Priamo and Prevaer provided (see here a previous post by BeBeez).Roberto Travaglino, partner of FII made such statement during the BeBeez Coffee meeting about private debt. Travaglino explained that the fund signed investment commitments in 10 different firms for 325 million.
Banca di Asti and Cassa di Risparmio di Biella e Vercelli – Biverbanca (part of Gruppo Cassa di Risparmio di Asti) securitised a 697 million of euros worth protfolio of NPLs through the spv Maggese (see here a previous post by BeBeez). The banks will apply for a Gacs for the senior tranche of this portfolio. Prelios Credit Servicingwill act as master and special servicer.
Fedrigoni, tapped for 125 million of euros the 455 million bond it had placed earlier in April for refinancing the debt for the acquisition of Cordenons (see here a previous post by BeBeez). The Ireland-listed bond now is worth 580 milioni and due to mature in November 2024, callable after one year. The coupon is of 412.5 bps over 3 months euribor rate. Fedrigoni has sales of 1.081 billion, an adjusted ebitda of 134.4 million, and net financial debt of 94 million.
Venchi, the Italian chocolate maker, issued a 7 million euros minibond that Unicredit subscribed (see here a previous post by BeBeez). Venchi generated sales of 80 million of euros, an ebitda of 20 million, and net financial debt of 8 million. Daniele Ferrero, the company’s ceo, said that he will invest the issuance proceeds in developing the retail sale channel and added that the company may list in 2019. Venchi belongs to Ferrero (a former management consultant of McKinsey – 27%), vice-president Nicolò Cangioli (24%), choef commercial officer Giovanni Battista Mantelli (12%), Pietro Boroli (vice-president of De Agostini –12%), Marcello Comoli(12%), Luca Baffigo Filangieri (12%).
Emil Banca and IC Satellite sold two portfolios of secured and unsecured NPLs worth 145 million of euros (see here a previous post by BeBeez). Daniele Ravaglia, the coo of Emil Banca, said that the bank and Iccrea are going to sell a further portfolio of Gacs-backed Npls.
