Banca Ifis restructured a securitization that carried on in 2021 through Ifis Npl 2021-1 spv for a 1.323 billion euros portfolio of gross secured and unsecured NPLs retail (see here a previous post by BeBeez). The bank sold to Ifis Npl 2021-1 spv srl a portfolio of non performing credits that belonged to Ifis Npl Investing. The unsecured credits make 46% of the portfolio’s gross value. The spv issued three new Milan-listed tranches of notes with a total face value of 630 million: senior for 515 million (rating BBB+ from Scope Ratings and ARC Ratings); mezzanine for 90 million (rating B from Scope Ratings and ARC Ratings); unrated junior notes for 25 million. The proceeds from the senior and mezzanine notes repaid the previous senior and mezzanine abs liabilites (class Ax 158.8 million, class Ay 206.2 million and class B for 74.4 million) and the purchase of a new portfolio of credits. Ifis Npl Investing subscribed to the notes. Banca Ifis and JP Morgan SE acted as arranger; Ifis Npl Servicing as master and special servicer. BonelliErede assisted Banca Ifis and Orrick Herrington & Sutcliffe advised JP Morgan SE.
Aser Capital Limited and UK’s Gestio Capital filed with Genoa’s court the restructuring plan of troubled Italian football team Sampdoria (see here a previous post by BeBeez). The team’s 60% creditors already agreed with the plan. The club’s new owners are going to issue a 30 million euros bond with the support of Banca Sistema and Macquaire Group. Sampdoria is also mulling for a 10 million capital increase.
The due diligence stage of Piaggio Aero Industries and Piaggio Aviation attracted 13 bidders (see here a previous post by BeBeez). Carmelo Cosentino, Vincenzo Nicastro and Gianpaolo Davide Rossetti are handling the sale of the troubled companies ahead of signing a binding agreement for the two firms that now belong to Mubadala.
In 1H23, AMCO, the asset management company of the Italian Ministry of Economy and Finance (MEF), handles NPEs for 36.1 billion euros (66% for NPLs and 34% UTP) (see here a previous post by BeBeez). Andrea Munari is the ceo of AMCO.
In 2Q23, Milan-listed UniCredit‘s gross NPEs amounted to 12.1 billion euros (-3.9% from 12.6 billion in 1Q23 and -13% annually) (see here a previous post by BeBeez).The bank has a gross NPE ratio of 2.6%, (-0.1% quarterly and -0.3% annually).
In 1H23, Intesa SanPaolo‘s gross NPEs amounted to 10.4 billion euros (10.8 billion in 1Q23, 11.1 billion in June 2022) (see here a previous post by BeBeez). In 2022, the bank’s net NPLs were worth 6.2 billion.
