A multigacs/multioriginator securitization of about 1.7 billion euros GBV NPLs (73.4% secured and 26.6% unsecured) is almost ready for the market. Originators are 14 cooperative banks shareholders of Luigi Luzzati spa, a newco born at the end of 2017 which aims to coordinate some strategic initiatives by those banks.
The major part of the NPLs portfolio will be sold by Banca Popolare di Bari, selling about 800 million euros NPLs as the bank wrote in its H1 2018 financial statement last August (see here the press release). The bank is supported in the deal by advisor JP Morgan.
Popolare di Bari already closed two NPLs securitizations in the last two years, both having obtain the Italian Government guarantee (Gacs) for their senior tranches. The last securitization was finalized in December 2017 on a 319.8 million euros portfolio (see here a previous post by BeBeez). While the bank sold the mezzanine and junior tranches of its first 480 million euros NPLs securitization in October 2016 (see here a previous post by BeBeez).
Coming back to this new deal, the other banks selling NPLs are the following, Il Sole 24 Ore wrote: Popolare Valconca (200 mln euros), Banca Popolare Puglia e Basilicata (139), Popolare del Lazio (121), Popolare S.Angelo (72), Popolare di Fondi (55), Popolare Pugliese (52), Cassa di Ravenna (59), Popolare del Cassinate (38), Credito di Romagna (33), Popolare del Frusinate (31), Sanfelice 1893 (19), Banca di Piacenza (18) e Popolare di Cortona (14 ). The spv issuing the abs notes will be Pop Npl 2018.
Meanwhile cooperative banks shareholders of Luigi Luzzatti spa are studying a new NPLs securitization already which is said to size about one billion euros. This is because Italian banks has time for benefitting of the Italian Government guarantee just till next March, as this is the deadline that the EU Commission gave last August when it accepted to prolongue the Gacs period (see here a post in BeBeez NPLs Forum).
