On 12 April, Tuesday, the European Banking Authority (EBA) released its final draft for Regulatory Technical Standards (RTS), the risk retention guidelines for securitization deals consistent with the Capital Markets Recovery Package (CMRP) aimed at supporting the post-pandemic recovery (see here a previous post by BeBeez).
On 14 June, Tuesday, the Italian Government’s GACS warranty for the senior tranche of NPEs securitizations will expire (see here a previous post by BeBeez). Sources said to BeBeez that the Italian Ministry of Economy and Finance (MEF) is exploring options for extending the programme without including the UTPs portfolios. MEF could require a higher rating for senior tranches that apply for GACS.
Nomisma expects the Italian Non-Performing Exposure (NPE) transactions on secondary market will amount to just 11 billion euros at the end of 2022 (see here a previous post by BeBeez). Market participants expect the NPEs stock to be of 400 billion in 2024. BeBeez data say that on the ground of information available in January, deals in the market (both primary and secondary) were worth 27 billion (si veda qui il BeBeez NPL Report 2021 available for the subscribers to BeBeez News Premium and BeBeez Private Data, the Database that BeBeez developed with FSI), and UTPs made 2.2 billion of these transactions.
CRIF, an Italian provider of services for business information and credit management increased to up to 175 million US Dollars for the next three years the private placement programme that Pricoa Private Capital (part of Prudential Financial) subscribed and placed a 12-years 45 million euros fixed rate bond (See here a previous post by BeBeez). The company carried on such an issuance for supporting its growth strategy. In 2016, CRIF signed a shelf facility agreement of 125 million US Dollars with Pricoa and placed a 50 million euros bond, a 30 million facility in April 2020 and a 45 million item in 2021.
HIG Europe acquired Siat, a provider of machinery for packaging, from Greek firm MJ Maillis, a business that HIG Capital acquired in early 2015, through a secondary GP-led deal (see here a previous post by BeBeez). As part of the operation, Kartesia, a European operator specializing in private credit investments for small and medium-sized enterprises, financed HIG Europe (see the press release here). The operation took place through the disbursement of a unitranche loan. The capital comes from Kartesia’s Senior Opportunities I (KSO I) fund. Sources said to BeBeez that HIG sold MJ Maillis to another undisclosed investor. In 2000, CVC sold to MJ Maillis. Siat has sales of 63 million euros, an ebitda of 6.6 million and net cash of 7.5 million.
Irgen RE Bari, the owner of Maximall Bari Retail Park, a company that belongs to property management firm Irgen Group, issud two minibonds worth 7.5 million euros each that Unicredit and Solution Bank (part of SC Lowy) subscribed (see here a previous post by BeBeez). The company will invest the proceeds for consolidating its foothold in the Italian market.
Alantra appointed Alberto Pierotti as managing director of its Private Debt Funds (see here a previous post by BeBeez). Pierotti previously worked for Seaport Global and Avenue Capital. Alantra aims to invest in the Italian market of senior and subordinated debt instruments worth 10 – 30 million euros with a focus on ESG.
