The Italian markets for NPLs and private debt keep their activity at a steady level.
Prestiamoci, the Italian peer to peer lending platform, placed its first senior securitization of a portfolio of consumer credits through the spv P2P Lendit (see here a previous post by BeBeez). Banca Valsabbina invested 6 million of euros in senior tranches (80% of the total with a 3.75% yield) while Prestiamoci acquired the junior tranches (20% of the total with a 7.5% yield). This transaction begun on 30 October and will have an eighteen-months period of ramp-up for selling tranches for 25 million, said Paolo Gesa, head of Banca Valsabbina Business unit, to BeBeez. Daniele Loro, ceo of Prestiamoci, said to BeBeez that could launch a new securitisation within the next 12 months. In 3Q18, Prestiamoci issued 457 loans worth 5.2 million (335 loans worth 3.5 million yoy). Digital Magics, Innogest, Banca Sella holding, Club Italia Investimenti 2and further Italian and foreign investors hold interest in Prestiamoci.
Italian food producer De Cecco listed a 21 million of euros worth minibond on Milan ExtraMot Pro (see here a previous post by BeBeez). This issuance will mature on 29 November 2024 with an amortising repayment structure and a reimbursement that will begin on 29 May 2021 and with a 4.107% coupon. De Cecco issued also an unlisted minibond worth 4 million due to mature on 30 November 2023 with an amortising repayment structure and a reimbursement that will begin on 31 May 2021. Cassa Depositi e Prestiti acted as anchor investor with a chip of 12.5 million. Ersel sim, Consultinvest Asset Management sgr, Confidi Systema!, Volksbank, and Banca Popolare di Bari also subscribed the liability. De Cecco will invest these proceeds in the implementation of its 2018-2022 business plan. The company wholly belongs to members of the eponymous family Filippo Antonio (15%), Saturnino (23.41%), and Giuseppe Aristide (10.34%). Francesco Fattori, is the ceo of De Cecco.
FAB Group srl, a company specialized in the production of doors and worktops for the kitchen sector, issued a 10 million euros minibond which was structured and partly subscribed by Banca Finint. This is the second bond issue for the company, after the 7 million one of July 2015 maturing in July 2020 and coupon 5.2% (see here a previous post by BeBeez).
Arte Bianca srl, a Marghera-based (Venice) company specialized in the production of soft bread PanPiuma without the crust, issued a 3 million euros minibond which was structured and partly subscribed by Banca Finint. Veneto Sviluppo subscribed half of the issue (see here a previous post by BeBeez).
Tenax Pmi Capital Fund, a private debt fund of Tenax Capital, reached its first closing of 100 million of euros ahead of a fundraising target of 200 million set for 2Q19 (see here a previous post by BeBeez). The fund is also about to close two investments worth 10 million.
The Court of Ravenna received in the past few days the application for admission to the so-called “blank” arrangement procedure by C.M.C. (Cooperative Muratori and Cementisti) of Ravenna, one of the leading Italian construction companies, so the bonds issued by the company and listed on the Luxembourg Stock Exchange have plummeted to minimum levels: the 2023 bond, for example, is now standing at 7.9 cents (see here a previous post by BeBeez). This is yet another construction company that is suffering in Italy in recent months, in the company of Condotte, Astaldi, Grandi lavori Fincosit and Impresa di Costruzioni ing. E. Mantovani spa. CMC currently has two bonds listed on the Luxembourg Stock Exchange: the 325 million euro maturing on February 15, 2023 and 6% coupon, which was issued in November 2017 to repay the 300 million bond at 7.5% coupon in advance in 2021; and the other from 251 million expiring on 1 August 2022 and coupon 6.875%.
Spaxs, soon to rebrand as Illimity, acquired a portfolio of bad loans worth 206 million of euros from Unicredit (see here a previous post by BeBeez). Spaxs also issued to Fortress Investment Group a 50 million NPL financing backed by a portfolio of non-performing corporate secured credits with a gross value of 1.2 billion. Andrea Clamer, the head of Spax NPL Investment & Servicing unit, said that the company currently holds NPLs portfolios worth 1 billion.
