Private debt asset manager Springrowth Capital sgr rebranded as Muzinch & Co sgr, chairwoman Filomena Cocco and ceo Gianluca Oricchio said to BeBeez (see here a previous post by BeBeez). Cocco said that “the Italian asset management company has been transformed into a management hub, a laboratory of innovative products and strategies in the segment of alternative investments, which joins the more traditional activity of Muzinich in Italy of distribution of credit products managed mainly from the New York and London offices. And it will not be just an Italian hub, but an European one. We will export Italian creativity to other countries, which has found support in the strategic vision of institutional investors and Italian private banks that were the first to support these new strategies”.
P&G Alternative Investments, an investor in structured credit, subscribed about 20% of the junior tranche of the securitization of SMEs loans that Banca Valsabbina increased to 170 million euros for which Phinance Partners is acting as arranger (see here a previous post by BeBeez). Banca Valsabbina planned in November the first sale to Valsabbina SME Platform SPV, which would have subsequently acquired further loans in the region of 10 million per month. Last March, Banca Valsabbina sold to the SPV a portfolio of loans worth in the region of 45 million. The bank increased its commitment and decided to sell 170 million of credits to the spv until March 2022 (see here a previous article by BeBeez). The securitisation has a structure of STS (Simple, Transparent and Standardized) which allows for more favourable weightings for bank and insurance underwriters. The SPV issued Milan-listed senior, mezzanine, and junior securities. Intesa Sanpaolo and Banco Santander subscribed to the senior tranche, while Banca Valsabbina, Banca Ifis and Banca Finint subscribed to the mezzanine tranche. NSA, Phinance Partners and other investors acquired the junior tranche. has joined the senior tranche, while has joined the mezzanine tranche.
Farbanca, the provider of factoring services for drugstores that belongs to Banca Ifis, carried on a securitization of 540 million euros loans to SMEs in the pharmacy business(see here a previous post by BeBeez). The spv for the transaction will issue senior notes with a face value of 397.5 million (Intesa Sanpaolo subscribed them). Farbanca subscribed the mezzanine (53 million) and junior (90.1 million) tranches.
Eltif Economia Reale Italia managed by Anthilia Capital Partners sgr raised 20 million euros and hit its first target ahead of a final objective of 80-100 millions (see here a previous post by BeBeez). On 3 June, Thursday, the fund started its second fundraising round that will end on 30 June and has a target of 15-20 millions. The fund has a tenure of seven years and is managed by Paolo Rizzo and Barbara Ellero. The fund will invest at least 70% of its resources in Italy, 50% in listed small caps and 50% in the debt of unlisted Italian companies.
MT Ortho, a producer of medical devices, issued a five-years senior unsecured minibond of 3 million euros that Hedge Invest entirely subscribed (see here a previous post by BeBeez). The bond pays a fixed rate coupon and is due to mature on 30 June 2026. MT Ortho has sales of 7.65 million with an ebitda of 1.31 million and will invest the raised proceeds in developing further its 3D printing unit and products.
Lavorazione Sistemi (Lasi), an Italian producer of electronic items that belongs to the Boggio family, raised more than 0.65 million euros through a capital increase and 1.95 million with a green bond that Invitalia subscribed (see here a previous post by BeBeez). Fabio, Giuseppe and Marco Boggio subscribed the capital increase. Lasi has sales of 35.3 million and will invest the raised proceeds in the implementation of ESG procedures.
Credit Network & Finance, part of Gruppo Frascino, and Gamma Capital Markets, created Campobase srl, a real estate developer for projects in the North East of Italy (see here a previous post by BeBeez). Credit Network & Finance has 51% of Campobase while Gamma Capital Markets owns 49% of the business through the fund Campo Base which has resources ranging between 8 and 80 million euros for investing in real estate assets and companies. Sources close to Gamma Capital said to BeBeez that the fund invested in Campobase through the proceeds of a bond of 2.6 millions.
Generalfinance, an Italian factoring firm with a focus on special situations, will launch an Euro Commercial Paper Programme of 100 million euros by late June and early July (see here a previous post by BeBeez). In 3Q21 Generalfinance turnover amounted to 240 million (+24% yoy).
Comdata, a provider of contact center services for financial firms that belongs to Carlyle, restructured its debt while Bnp Paribas sold 356 million euros of credits to a securitization spv and the managers subscribed a capital increase (see here a previous post by BeBeez). The managers will raise their stake from 15% to 40%, while creditors will convert 30%-40% of the company’s outstanding debt in hybrid equity instruments. CQS, Investcorp, GSO, Bnp Paribas, CA CIB and Société Générale are some of Comdata’s lenders. The company has sales of 897 million euros and a net financial debt of 531.8 million.
iQera Italia, the Italian branch of the Italian-French group specialized in credit management, iQera Group (formerly MCS-DSO), opens the Principal Investments division, headed by Francesco Fedele, coming from B2Holding, an Oslo-listed specialist in the acquisition and management, where he founded and directed the Italian branch (see here a previous post by BeBeez). At the same time iQera appointed Chiara Del Vecchio as head of HR and communication Del Vecchio previously worked for Gruppo Acea and Accenture. Both the managers will report to iQera Italia’s ceo Francesco Magliocchetti.
Moody’s Investors Service said that “the sustained improvement in loan quality in the Italian banking sector is set to end, as non-performing loans (NPLs) are expected to increase over the next 12-18 months as the expiry of the coronavirus-related moratorium on repayments will trigger an increase in defaults” (see here a previous post by BeBeez). The US rating agency expects a substantial increase in NPLs in 2022, given the relatively high share of loans still subject to a moratorium in Italy (for a focus on leasing on these issues see here the BeBeez Insight View on Leasing of 3 June, available for the subscribers to BeBeez News Premium and BeBeez Private Data) even if the increase should not bring the incidence of problem loans close to the historical peak, precisely that of 2015.
