Zenith Global, the credit servicer of UK’s Arrow Global, carried on the securitization of a 3 billion euros portfolio of Belgium Dexia, the controlling shareholder of Italy’s Crediop (see here a previous post by BeBeez). Dexia acquired the spv’s asset-backed notes. Such a deal is part of the liquidation procedure of Dexia’s assets that started after the insolvency of the Belgium bank’s subsidiary FSA. French, Luxembourg and Belgium governments will pour 6.4 billion in Dexia and extend warranties for the bank’s debts. Pierre Crevits is the ceo of Dexia. Umberto Rasori is the ceo of Zenith Global which received a “Strong” rating from S&P.
Milan-listed UniCredit‘s NPEs in 1Q24 amounted to 12.1 billion euros (+3.4% from 4Q23 and minus 4% yoy), 2.7% of total gross credits (see here a previous post by BeBeez). Unicredit said to BeBeez that its costs of risk lowered as assets improved.
Sagitta, an Italian investor in NPEs that is part of Arrow Global, hired Paolo Trecarichi Bianco as ESG manager, Riccardo Paulotto as fund manager Direct Lending and Structured Finance senior manager, and Andrea Camesasca as Portfolio Management senior manager (see here a previous post by BeBeez). Claudio Nardone is the ceo of Sagitta. Trecarichi Bianco previously worked for Petiole Asset Management and The Family Office Co. in Bahrain. Paulotto previously worked for Panattoni, Gruppo Statuto, Finlombarda, and Prelios. Camesasca is in Arrow since 2019 and now will handle the credit management operations with Diego Antoj and Luca Benolli.
