Preqin Investor Outlook say that 61% of investors expect a new stock market turmoil and then 82% of them owns alternative assets in their portfolio (See here a previous post by BeBeez). The survey Preqin Alternative Assets H1 2019 says that 95% of private capital investors will increase their allocation in the private debt sector.Listed Italian troubled bank Carige is finalizing an agreement with asset manager BlackRock that will table a binding bid by mid May (see here a previous post by BeBeez). The Italian fund for the deposits protection (FDP) will help the bank to launch a capital increase of 720 million euros. FDP will approve the conversion in equity of a 320 million subordinated Tier 2 bonds that it subscribed in 2018 while the funds will subscribe the remaining portion of the capital increase with the involvement of the Malacalza Familyvthat currently owns 27.8% of Carige and could invest 70-80 million. Once closed the transaction, the shareholders of the bank will be BlackRock (45%), FDP (35%), Malacalza (10%), and 10% publicly traded. Carige is also finalizing the plans for selling a portfolio of NPLs and UTP worth 1.9 billion for which SGA tabled a binding bid at 21-22% of the credits face value. Sources said to BeBeez that Blackrock may bid for the Utp corporate credits, but not for the NPLs.
Forlì Court accepted the application for receivership of Trevi Holding, the major shareholder of the Milan-listed drilling and engineering firm Trevi Finanziaria Industriale (Trevifin) (see here a previous post byBeBeez). The Court set the 16th of August as a deadline for the company to reach an agreement with its creditors. Meanwhile Trevifin’s shareholders meeting will be called to vote on a proposed 440 million euros capital increase of which 130 millions as new equity and other 330 millions as a result of a debt-to-equity swap. The equity part of the capital increase will be subscribed by existent finanacial shareholders FSI Investimenti spa (controlled by Cdp Equity) and US investment fund Polaris Capital Management. On February 2019 the company’s net debt was of 700 million euros.
The saving and loans banks that are shareholders of Luigi Luzzatti advisory company may carry on a new securitization of non performing loans with Gacs warranty (see here a previous post by BeBeez). The banks may a portfolio in a range of 500 million to one billion euros. This deal will follow a previous one made last October 2018. That one was a multi-originator and multi-tranche 1,7 billion euros securitization.
Salini Impregilo will launch a capital increases of a size around 300 million euros in order to finance new investments for rescueing and consolidating the Italian distressed construction sector, Salini’s ceo Pietro Salini said (see here a previous post by BeBeez). Salini Impregilo is presenting a binding offer for the recapitalization of Astaldi by next May 17th and Cassa Depositi e Prestiti may be a co-investor. Astaldi’s creditors should write off 70% of their credits towards the company and convert the rest into equity. Salini Impregilo may be the white knight who acquires also competitors Condotte and Trevi. Taht is why the group is needing a capital increase itself. Cdp might be an investor in Salini too then.
