Final rush of non-performing exposures transactions at the end of 2020 in Italy, with more than 10 billion euros of GBV changing hands in the ten days leading up to Christmas 2020. This is calculated by BeBeez. On 31 December 2020, in fact, the total value of portfolios sold on the primary and secondary market had exceeded 41 billion euros GBV for 94 transactions (see here BeBeez Report NPL 2020, available to BeBeez News Premium subscribers). but in mid-December 2020 the total was only 76 transactions for 28.7 billions GBV (see here the Preliminary Report NPL 2020, available to BeBeez News Premium subscribers).
On 30 December 2020, Unicredit concluded the first part of Progetto Sandokan 2 through the vehicle Yanez spv which issued asset backed notes of 908 million euros (see here a previous post by BeBeez). The underlaying assets for the issuance of Yanez are UTP credits that UniCredit, Pimco and GWM subscribed while AREC acts as special servicer. During 2021, the bank will issue further tranches for a face value of up to 2 billion.
Guber Banca acquired a portfolio of NPLs worth more than 680 million euros (see here a previous post by BeBeez). Guber Banca is currently managing assets for more than 10 billion euros.
Banco Bpm, Release (Banco Bpm group) and Alba Leasing (also partecipated by Banco Bpm) concluded in late 2020 the multi-originator securitization of NPLs leasing portfolio Progetto Titan (see here a previous post by BeBeez). The face value of the portfolio amounts to 335.4 million euros. The senior tranche of the securitization could get the GACS warranty and is worth 90.5 millions and pays a coupon of 50 basis points over the 6M euribor rate (BBB rating from Scope Ratings and DBRS). The mezzanine tranche is worth 15 million and pays a coupon of 80 basis points over the 6M euribor rate. The junior tranche is worth 10.07 million.
At the end of 2020, BPER Banca and its subsidiary Banco di Sardegna closed a securitization of an NPLs portfolio worth 322 million euros GBV (49% secured credits and 51% unsecured) (See here a previous post by BeBeez). The vehicle Summer spv issued three classes of notes for a total of 96.4 million: a senior tranche of 85.4 million or 31.5% of the gross book value (270.8 million – Baa2 from Moody’s and BBB from Scope Ratings) paying a coupon of 50 bps over 6 Months Euribor; a mezzanine tranche of 10 millions and a junior tranche of one million.
On 30 December 2020, Milan-listed Illimity Bank acquired distressed credits worth 108 million euros (see here a previous post by BeBeez). The bank acquired a portfolio of unsecured NPLs worth 46 millions from an unnamed bank; secured senior NPLs and UTPs with a face value of 31 millions; and secured Utps for 31 millions.
Illimity also sold to Sorec and Phinance Partners a portfolio of unsecured Npls worth in the region of 129 million euros (see here a previous post by BeBeez). In February 2020, CGM Italia, Phinance Partners and Sorec acquired from Illimity a portfoglio of unsecured NPLs worth 182 million. Sources said to BeBeez that Illimity previously acquired such distressed creditd from Mps.
At the end of 2020, Intrum Italy acquired Rainbow, a portfolio of unsecured credits, from Banca Ifis (see here a previous post by BeBeez). The credit recovery plan for this portfolio amounts to 37 million euros
The deadline for tabling a debt restructuring proposal for Moby and Tirrenia-CIN before Milan Court expired on 28 December 2020 (see here a previous post by BeBeez). However, both companies applied for an extension on 22 December 2020 and obtained it (see here a previous article by BeBeez). Ad Hoc Group is the vehicle that bondholders Soundpoint Capital, Cheyenne Capital, BlueBay, Aptior Capital, and York Capital created. Moby attracted the interest of Europa Investimenti, Arrow Global and Clessidra. The Onorato family would keep a minority of Moby.
Troubled Italian fashion firm Corneliani asked Mantova Court to grant a 90 days extension for drafting a receivership plan (see here a previous post by BeBeez). The court reportedly appointed Luca Gasparini as administrator. Press rumours say that Corneliani attracted the interested of an unnamed potential buyer. Cornelian has sales of 108 million, an ebitda of minus 5.7 million and net losses of 12.1 million.
Garanzia Campania Bond, a basket bond programme for Campania based SMEs, launched its fifth issuance worth 21.5 million euros for 9 minibonds of BIT4ID, Co.Imp, Com. Stamp., Enega, Gruppo Industriale Buoninfante, Isa, La Contadina, Logistica Co.Mi, and Vetreria Palmese (see here a previous post by BeBeez). Including this last issue, the basket bond portfolio currently includes issuances of 41 SMEs for a total of 97.45 million.
Alpha Pharma Service issued a 3 million euros minibond that the private debt fund managed by Hedge Invest sgr subscribed (see here a previous post by BeBeez). Alpha Pharma Service, a life science company, has sales of 3.13 million and an ebitda of 0.333 million.
At the end of 2020, Generali Real Estate refinanced its Eracle fund who borrowed 370 million euros from Banco Bpm, Bnp Paribas, Intesa Sanpaolo, and UniCredit (see here a previous post by BeBeez).
Banca del Fucino sold a portfolio of tax credits to Imprendiroma, a general contractor of Enel X (see here a previous post by BeBeez). The portfolio includes tax credits with a bonus with a face value of 90% and a 50% restructuring bonus.
Dimore Evolute, a subsidiary of Milan-listed real estate developer Borgosesia, received a 60 months unsecured credit line of 2 million euros, for which Fondo di Garanzia Covid provided a 90% warranty (see here a previous post by BeBeez). Mauro Girardi the chairman of Borgosesia said that the company will invest such resources in reducing the costs of its debt.
At the end of 2020, Sonnedix, a renewable energy company that belongs to JP Morgan Asset Management, refinanced with 160 million euros a portfolio of Italian photovoltaic plants with a power of 29.3 MWp (see here a previous post by BeBeez). Crédit Agricole Cib, SocGen, Intesa Sanpaolo, and UBI Banca acted as lender.