J-Invest, an investor in distressed assets, carried on a securitization of NPLs with a face value of 1.701 billion euros acquired on the secondary market (see here a previous post by BeBeez). Zenith Service is acting as servicer. The portfolio includes 1930 unsecured corporate loans. The spv NPL Securitisation Italy SPV will issue senior and junior tranches that a London-based private debt fund subscribed. The whole amount includes gross Npls for 461.3 million that the spv acquired in several tranches between 2017 and 2018, a portfolio of Npls for 877.4 million acquired in 2018, a portfolio of 826 million of Npls acquired in 2018, a 27.2 million portfolio acquired in 2018, and a portafolio of 24 million acquired in 2018. J-Invest acquired through these portfolios through competitive processes when they had a gross value in the region of 2.2 billion, but later went down to 1.7 billion grace to the recovery activity of the company. Jacopo Di Stefano is the ceo of J-Invest, born in 2008.
Intesa Sanpaolo is selling Simba, a portfolio of unsecured retail UTPs and distressed credits worth 650 million euros (see here a previous post by BeBeez). Earlier in March, Intesa Sanpaolo made a securitisation for Utp leasing credits with a face value of 3 billion that were part of the agreemant that the bank signed with Prelios for a total of 9.7 billion of corporate Utps. At the end of 2019, Intesa’s distressed credit had a face value of 31.3 billion (14.2 billion net – 36.5 billion face value at the end of 2018 and 16.6 billion net), with a 7.6% gross NPE (3.6% net) (8.8% gross and 4.2% net for 2018). In 2019, Intesa’s stock of distressed credits amounted to 6 billion (34 billion in September 2015).
Banca Ifis and MBCredit Solutions (part of Group Mediobanca) are competing for buying Loira, a portfolio of NPLs, from Unicredit, sources said to BeBeez (see here a previous post by BeBeez). The portfolio is worth in the region of 250 million euros and has two different sale procedures for the stock of credits and the forward flow. Unicredit aims to sell NPLs amounting to 3 billion by September 2020. The bank is also selling the portfolios Tokyo (one billion euros unsecured SMEs Npls), Lisbona (one billion) and New York (700 million lien Npls).
Katia Mariotti, the head of NPLs at Banca Ifis, said that the participants to the Italian market for NPLs might close primary and secondary market transactions worth 30-32 billion euros (see here a previous post by BeBeez). Mariotti was speaking at Credit Village Digital Week, the digital conference on distressed assets for which BeBeez has been a media partner. Banca Ifis’ Market Watch report is in line with the Npl Report of BeBeez available to the subscribers to BeBeez News Premium. Please click here or write to info@edibeez.it for further information about the subscription procedure.
Roma Court set the 23 June, Tuesday, as the date for formalizing the acceptance of the receivership application of Milan-listed Astaldi, the troubled construction group (See here a previous post by BeBeez). Italian stock market regulator Consob asked Astaldi to disclose its net financial debt that amounted to 2.47 billion euros at the end of 2019 (in the region of 2.464 billion at the end of 3Q19). The company is currently appraising the impact of the COVID-19 on its financials. Pietro Salini, the ceo of Webuild (fka Salini Impregilo) previously said that Astaldi and his company have an aggregate portfolio of orders amounting to 42.5 billion. Earlier in April, the European Commission approved Webuild’s acquisition of Astaldi and thus boosted the implementation of Progetto Italia, the plan of Webuild for aggregating Italian infrastructures contractors with the support of Cdp as anchor investor and of Unicredit, Intesa Sanpaolo, and Banco Bpm.
Writing-off amortisations and depreciations in 2020, would avoid 20,000 Italian companies to report negative equity after the losses related to the coronavirus emergency, said a report of Scouting Capital Advisors (see here the Italian written item) (see here a previous post by BeBeez). Such accounting rule implementation would not require monetary payments of companies or the Government. It would help companies to have a positive credit standing and raise credit for 255 billion euros without worsening their equity ratios.
The coronavirus emergency may increase the Italian companies’ debts (see here a previous post by BeBeez). By the end of July 2020, Italian companies may need cash for 50 billion euros, and the Government could provide 90% of this amount, said Banca d’Italia’s Report about the financial stability in 2020. The report says that a 1% contraction of GDP implies a 0.2% increase of distressed credits, all other things being equal. However, such projections don’t include the effects of recent Government’s aids to the companies facing the coronavirus emergency.
Stefano Luzi is a new managing partner of Special Situations, a Milan’s turnaround investor and advisory boutique that the founder Roberto Chiodelli heads (See here a previous post by BeBeez). Luzi is an alumnus of Bocconi University. The members of Special Situations advisory board are Alessandro Danovi, Fabio Marelli, Maurizio De Santis, Giampietro Castano, Domenico Costa, Cesare Tocchio, Maurizio Quarta,Alberto Franceschini Weiss, Luca Nicodemi, and Giacomo Iannelli.
Massimo Castrucci founded turnaround advisor Reverto Consulting (see here a previous post by BeBeez). Reverto Consulting will provide advisory for turnaround, corporate governance, corporate finance, m&a, litigation, and fintech. Alessandro, Diego and Simone Corrado, Fabio Cosmai, Milan’s corporate finance boutique Virgilio finance, Gianfranco Forte, Luca Mannucci, Lorena Ponti, and Valentina Roggiani cofounded Reverto Consulting
Brazzale, an Italian cheese producer, issued a minibond of 8 million euros that Anthilia Capital Partners subscribed (see here a previous post by BeBeez). The issuance is in two tranches of 4 million each. The closing for the second tranche is June 2020. Both the bonds are due to mature on 31 March 2027, yield 5.6% and have an amortising structure with 18 months of pre-amortizing. Brazzale has sales of 222 million (+5.8% yoy), with a 7.6% ebitda margin. The company will invest the proceeds of such issuance in its organic development. Sign up here for BeBeez Newsletter about Private Debt and receive all the last 24 hours updates for the sector.
Banca Sistema (fka Banca Sintesi) launched BS IVA spv, a vehicle for the securitization of VAT credits for its clients (see here a previous post by BeBeez). On 30 April, Thursday, the vehicle issued two ABS with a partly paid structure, for a face value of up to 1.6 billion euros. In 2011, CR di SanMiniato sold to Banca Sistema to private equity Rbs Special Opportunities Fund (46.69%), Fondazione CR di Alessandria, Fondazione CR di Pisa (7.4%), Fondazione Sicilia (7.4%), and the managers. In July 2015, Banca Sistema listed on Milan stock market.
Elettra Investimenti, a Milan-listed investor in energy ventures, received a 21.5 million euros financing facility from Unicredit with the warranty of Italian insurer Sace (see here a previous post by BeBeez). Elettra also issued a minibond that Unicredit subscribed. The transaction has a tenure of 72 months. The Bombacci Family founded Elettra in 2005. The company has a turnover of 56.57 million (55.02 million in 2018), an ebitda of 7.32 million (8.38 million) and net financial debt of 23.38 million (14.83 million). In 2019, Elettra acquired Novagreen, Light Venice Port, Gea, and Esco Biogas. Elettra will invest such proceeds in its organic development and refinancing its liabilities.
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