Here is the roundup of Italian deals for NPLs announced and reported between the 15th and the 21st of February.
The investment banking arm of French giant Crédit Agricole created four Luxembourg-based special purpose vehicles aimed at selling on the secondary market NPLs originated in Italy and worth 6 billion of euros. This dossier, named Puppy, involves unsecured Italian loans for retail clients and SMEs. Non-binding offers are due by next March in view of a closing by June. The bank has hired Kpmg as financial advisor for handling this sale (see here a previous post by BeBeez).
Cerved Credit Management spa, a subsidiary of Italy’s listed Cerved, announced on the 16th of February, Friday, to have signed a partnership with master servicer Credito Fondiario for acting as special servicer for NPLs with a gross value of 14.5 billion of Euros that belong to Monte dei Paschi di Siena and are part of SPV Siena NPL 2018 srl (see here a previous post by BeBeez). Cerved Credit Management and Juliet spa, the management platform for NPLs of MPS will sell these credits to a newco born out of the partnership between Quaestio Holding sa and Cerved Group.
Johannes Schneebacher, coo of Volksbank, said that the bank aims to sell an amount of NPLs worth between 120 and 180 million of euros (see here a previous post by BeBeez). The dossier has already attracted interest from some Italian and international buyer of NPLs, said Schneebacher. Most of them are secured credits. Once completed such sale, the bank will have NPLs for 750 million of euros for a NPe ratio of between 10% and 12%. Volksbank’s NPLs last year were 12.9% of the whole amount of gross credits, down from 15.5% posted in 2016. The cost of credit for Volksbank is of 70 BPS, while in 2016 it was of 123 BPS.
For a summary of all Italian NPLs deals coming this year and deals closed last year, click here
