Banca Popolare di Cividale (Civibank) made a securitization of a 450 million euros portfolio made by performing real estate mortgages and unsecured loans to SMEs (see here a previous post by BeBeez). Fisg, part of Banca Finint, acted as arranger. Civitas, the spv, issued a class of floating rate senior shares amounting to 320 million euros, that DBRS and S&P rated as A (high) (sf) and A (sf). Civitas issued a class of floating rate mezzanine shares amounting to 50 millions, with rating of BBB (low) (sf) and BBB (sf) and a class of junior unrated shares for 88.5 millions. Senior and mezzanine shares are listed on Milan ExtraMot Pro market. In 1H19 Banca di Cividale has net profits of 1.15 million, an interest margin of 31.2 million, a CET1 of 196.1 million and a CET1 ratio of 13.9%
Aim-listed public and private equity investment First Capital shareholders will meet on 14 November for voting about the issuance in one or more tranches of a convertible bond of 25 million euros (see here a previous post by BeBeez). The bond is due to mature in 2026 and pay a 3.75% coupon. The conversion price is of 20 euros per share with a 5% conversion premium. The loan may be Aim-listed. First Capital received non-binding expression of interest amounting to 12 million euros. In 1H19 First Capital posted net profits of 13.73 million (net losses of 1.98 million in 1H18) and a NAV of 47.1 million or 18.95 euros per shares (34.1 million on 31 December 2018, or 14.21 euros per shares).
Guber Banca, a servicer and investor in distressed credits, acquired ReStar, an italian platform for origination and real estate Npl investments (see here a previous post by BeBeez). In April 2017, Värde Partners acquired a 33.3% stake of Guber Banca. Mirja Cartia d’Asero, ceo and co-founder of ReStar, will be the Head of Real Estate of Guber Banca. Francesco Guarneri and Gianluigi Bertini founded Guber in 1999. The firm is managing distressed credits for 9 billion euros. The average ticket of credits is of 60k euros, and 80% of credits are unsecured. Guber Banca also launched Anticipo102, a digital invoice financing for SMEs (see here a previous post by BeBeez). Anticipo102 allows SMEs to cash their invoices for a commission-free price. Michele Zorzi, is the head of sales and business development of Guber Banca. Francesco Guarneri, who founded Guber together with Gianluigi Bertini, said to BeBeez in October 2018 that the company was studying the launch of such a platform.
For 2018, Italian Radio broadcaster RDS posted sales of 58.7 million euros (+7% yoy) and an ebitda of 11.6 million with net profits of 4.1 million (2 million) (See here a previous post by BeBeez). The company aims to reach in 2019 a turnover of above 60 million with a growing ebitda. Eduardo Montefusco and Massimiliano Montefusco are the founder and the general manager of RDS. In December 2017, the company issued a minibond of 15 million euros which was part of the the 122 million euros Elite Basket Bond, made by 10 bond issues by 10 different companies members of Borsa Italiana’s Elite community. In June 2018, Unicredit entirely subscribed another 15 million minibond of RDS. The general manager Montefusco said that the company aims to make acquisitions of national broadcaster. RDS already acquired 10% of Radio Italia and reportedly held talks with Radio 24.
Innova, an Italian air treatment company, issued a one million euros minibond due to mature in 2023 that Mediocredito Trentino Alto Adige subscribed and also acted as advisor and arranger (see here a previous post by BeBeez). This is the third issuance of the programme of Trento Province for the access to credit for SMEs after Pro.Ges Parma and Funivie Seggiovie San Martino. Mediocredito made available 10 million euros for subscribing minibonds relieving the companies from legal and organisational costs. Innova will invest these proceeds in R&D, said Oreste Bottaro, the company’s ceo. Innova has sales of 21 million and an ebitda of 2.6 million.
Italian energy efficiency company Graded issued last week two minibonds of 1.5 million euros each that mature both on 25 October 2024 and were listed on Milan ExtraMot Pro3 (see here a previous post by BeBeez). While starting from today the company is listing a third 1.5 million euro secured minibond maturing in October 2026 and paying a 5% coupon. As for the previous two bond, one of them pays a 5.14% interest and Banca Sella entirely subscribed it under the conditions of InnovFin, the guarantee of the European Investment Fund. The other tranche pays a 5.15%, interest and is unsecured. Anthilia Capital Partners subscribed 1.2 millions and Banca Stabiese for 300k euros. Sella acted as the arranger. Vito Grassi, the son of the founder Lucio, is the ceo of the company that has net profits of above 1 million, revenues of 19.7 million (+39.47% yoy), an ebitda of 1.7 million di euro, and net financial debt of 0.7 million. At the end of December 2018, Graded also issued a minibond of 1.5 million that private debt fund HI CrescItalia PMI Fund of Hedge Invest subscribed. Graded also said that it is interested in the programme Garanzia Campania Bond, the innovative financial instrument of the Campania Region for supporting the SMEs of its territory.
Inox Market Service, an Italian stainless steel company, issued a 3 million euros minibond with a 7 years maturity (see here a previous post by BeBeez). Veneto Sviluppo, the co-operative banks of the Veneto Region, and Friulia, the financial arm of the Friuli Region subscribed the bond. Inox will invest the proceeds in increasing the efficiency of its production process and improving its debt structure. Inox Market Service has sales of 155 million. In September 2015, Friulia invested one million in a capital increase of 5 million, of which Inox shareholders Roberto Sbettega, brothers Luciano and Rino Schiavon, and Maurizio Tamborini subscribed 4 million. Friulia made available for Friuli’s SMEs 90 million. Friulia has resources of 640 million for the local SMEs.
Bper Banca aims to sell Npls amounting to 1 billion euros by 1H20, said ceo Alessandro Vandelli (see here a previous post by BeBeez). Vandelli said that the bank aims to lower to below 9% its gross Npe ratio by 2021. In February 2019, Bper and its controlled bank Banco di Sardegna sold to UnipolRec Npls for 1.3 billion. These transactions will push Bper’s gross Npe ratio to 11.5%. In November 2018, Bper Banca sold a portfolio of Npls worth 1.9 billion after a securitization of 900 million of Banco di Sardegna.
Banco Bpm, Ubi, Mediobanca, and Natwest and other banks aim to lend 380 million euros to Prelios for the acquisition of an Utp portfolio worth 3 billion from Intesa Sanpaolo (see here a previous post by BeBeez). Earlier in August, Intesa appointed Prelios for handling UTPs for 6.7 billion. Prelios may reach an agreement with Intesa by the second half of November. Intesa will sell these UTPs at a book value of about 2 billion. The senior tranche of asset-backed securities that the spv will issue is worth 70% of the portfolio price and Intesa Sanpaolo will subscribe it. Prelios and Intesa will subscribe 95% and 5% of the junior and of the mezzanine tranche, 30% of the price of the portfolio. After such a sale, the gross NPE ratio of Intesa Sanpaolo will lower to 7.7% from current 8.4%, while the net NPE ratio will go down to 3.6% to 4.1% and the bank will achieve 80% of the target of its 2018-2021 business plan.
Banca Popolare di Sondrio is selling a portfolio of NPLs worth 1.5 billion euros (see here a previous post by BeBeez). The European Central Bank previously denied to BPS the authorization for acquiring Cassa di Cento and asked the bank to prioritise derisking initiatives for reducing its stock of NPLs. Such a sale would have a Gacs guarantee. BPS asked Credito Fondiario, doValue, Prelios, and Cerved to table a bid for this portfolio. BPS will acquire the senior notes, while the mezzanine and junior notes will be on the market. Since the beginning of the year, the amount of BPS’ distressed credits went down to 3.933 billion from almost 4 billion of the end of December 2018, while the gross Npe went down to 13.65% from 14.75%. In July 2019, the bank placed a subordinated Tier 2 of 200 million that strengthened further the CET1 of BPS.
