Intesa SanPaolo carried on a securitization of a 1.32 billion euros worth portfolio of secured and unsecured corporate and retail NPEs through Andor spv (see here a previous post by BeBeez). Banca Finanziaria Internazionale acted as master servicer and Intrum Italy as special servicer. Andor issued a class A senior of 208 million that pays a 4.25% rate and has a senior rating of Baa1 (Moody’s), BBB+ (Scope Ratings) and BBB (DBRS Morningstar); a class B mezzanine of 40 million that pays Euribor 3M + 10%; a classe J junior of 5 million. All tranches will mature on 30 aprile 2043. Unsecured liabilities make 50.7% of the portfolio, senior liabiliites make 43.8% and junior secured amount to 5.5%. Mezzanine and junior investors may ask to involve a Real Estate Operating Company (Reoco). In this case, the special servicer may ask the Reoco to bid for the real estate assets that have to be sold by 24 months.
Banca di San Marino, Cassa di Risparmio della Repubblica di San Marino, and Banca Agricola Commerciale Istituto Bancario Sanmarinese sold a portfolio of secured and unsecured NPLS worth 611.4 million euros through Veicolo di Sistema spv (see here a previous post by BeBeez). See here the Prospect available for the subscribers to BeBeez News Premium and BeBeez Private Data. JP Morgan is acting as arranger. Unsecured NPLs make 53.5% of the portfolio, secured 33.5% and real estate-backed leasing exposure amount to 13%. The spv issued a class A senior of 70 millioni (BBB rating from DBRS Morningstar and BBB- from ARC Ratings), a class B mezzanine of 42 million and a class J junior of 56 million. All such abs notes will mature on 30 December 2036. San Marino Republic provided the issuer with a warranty for the Class A notes.
The price of residential real estate assets in auction after defaulted payments amounts to 700 euros per sqm said Reviva, an Italian startup that Ivano De Natale and Giulio Licenza created, after having analysed the sales data (see here a previous post by BeBeez). Reviva provides enlivenment of real estate auctions that in 2023 amounted to 152.303 (-20% yoy and – 18% from 2021). In 2023, the total value of auctions amounted to 18 billion euros (-20% yoy). Residential assets make 55% of sales while non-residential make 34%. On the other hand, non residential assets make 48.7% of the total value (42% residential and 9.3% lands).
