Generalfinance, a factoring firm for companies in special situations, will securitize part of its portfolios of performing commercial credits (see here a previous post by BeBeez). Generalfinance will sell to General SPV srl credits in three years for up to 295 million euros and issue partly paid ABS notes. BNP Paribas will subscribe the senior tranche for up to 200 million (initially 75 million). Generalfinance will retain the 21 million mezzanine notes and place them with institutional investors. Generalfinance will also subscribe to the junior tranche of 14.8 millions.
Milan-listed Unicredit set a target of 3.5% for its gross NPE ratio and a net NPE ratio of 1.8% for its 2020-2024 business plan (see here a previous post by BeBeez). Ceo Andrea Orcel said that Unicredit aims for a CET1 ratio target of 12.5-13%. See here the BeBeez Insight View about the credit quality of the first 6 Italian banks available for the subscribers to BeBeez News Premium and to BeBeez Private Data.
The European Investment Fund (EIF) poured 30 million euros in Magellano, a credit provider to SMEs that belongs to Opyn (fka Borsa del Credito) (See here a previous post by BeBeez). Magellano raised a total of 75 million ahead of a target of 200 million and appointed CACEIS as depositary bank agirà nel ruolo di banca depositaria del nuovo fondo.
Cooperativa Sociale Società Dolce, a provider of services to disabled persons living in Lombardy, Emilia Romagna and Veneto, issued a minibond of up to 5 million euros for which SACE provided a warranty of up to 90% (see here a previous post by BeBeez). The bond’s coupon is 4.5%. Società Dolce has revenues of 91.5 millions.
Mauro Benedetti, an Italian packaging company, attracted a direct lending facility of 2.5 million euros and 8-year tenure through Azimut Direct (fka Epic Sim), part of Milan-listed Azimut (See here a previous post by BeBeez). SACE provided a warranty for the item that an institutional investor subscribed. Mauro Benedetti has sales of 32 million, an ebitda of 1.9 million and will invest the raised proceeds in updating its production technology.
Cantine Ermes, an Italian wine producer, issued a 3 million euros 7-years green minibond that Unicredit subscribed and for which Sace provided a warranty (see here a previous post by BeBeez). Cantine Ermes appointed Nativa as sustainability advisor. Unicredit will reduce the coupon rate of the bond upon the achievement of ESG targets of the company. Such an issuance is part of the programme Bond Food Mezzogiorno that Unicredit and Sace launched earlier in october. Cantine Ermes has sales in the region of 100 million.
Flea, an Italian producer of artisanal beer, issued a 1.2 million euros minibond that received the warranty of Fondo di garanzia per le pmi (see here a previous post by BeBeez). SICI and Gepafin subscribed 0.9 million and 0.3 million of such an issuance. The bond’s yield will be lower upon the achievement of ESG targets. Flea belongs to Matteo Minelli (50%), Ubaldo Colaiacovo (49%) and Giovanni Colaiacovo (1%).
Iccrea Banca, and CSQA, the monitoring body for the production of the Grana Padano Dop cheese, signed an agreement to facilitate the revolving pledge on cheese wheels (see here a previous post by BeBeez). This agreement will allowe the members of the Grana Padano DOP Consortium to convert their stock products into collateral for new credit lines and financing investments. In addition, BeBeez Academy held a workshop about these themes. Please write to info@edibeez.it for receiving the video and the slides of the workshop (please, not that BeBeez Acadamy workshops are prices 50 euros plus 22% VAT).
