Latest Sorec News
Jan 14, 2021
Italy’s private debt and NPLs weekly roundup. News from Banca Ifis, Phoenix, Unicredit, York Capital, Sorec, Leasys, Moby, Anima Alternative and more Phoenix Asset Management, a manager of UTPs and NPLs portfolios, and Zenith Service launched a platform for structuring real estate securitizations (see here a previous post by BeBeez ). Phoenix and Zenith Service branded the platform as Project Manzoni, and the first deal involves a portfolio of 8 property complexes that Italian corporates sold to Manzoni spv srl, the securitization veichle that Phoenix built up. The deal has been structured on the basis of the recently introduced Italian law regime provided for by art. 7, paragraph 1, lett. 1-bis and 7.2 of Law 130/1999, which allows for the structuring of securitizations that have as underlying assets not just credits, but also registered real or movable assets and real or personal rights relating to those same assets. A similar deal had been announced some days ago by Bayview Italia srl, the Italian subsidiary of the eponymous colossus of the US asset management, which had launched a securitization platform aiming at buying both distressed and performing real estate assets (see here a previous article by BeBeez ). In 2020, Banca Ifis acquired 26 portfolios of Npls for 2.7 billion euros, above the 2.4 billion target (see here a previous post by BeBeez ). Banca Ifis invested 2.3 billion in primary market transactions (86.6% of the total) and 370 million in secondary market transactions. Banca Ifis sold NPLs for 328.3 million. Gruppo Banca Ifis’ distressed credits portfolio amounts to 23.6 billion (19.8 billion of proprietary portfolios and 3.8 billion managed on behalf of other investors). On 7 January, Thursday, Unicredit’s shares closed at 7,957 euros (+6.09%) after having reached a peak of 8 euros (see here a previous post by BeBeez ). The share price went up as press rumours said that AMCO could buy from Unicredit a portfolio of distressed credits worth 14 billion euros and facilitate the bank’s merger with Montepaschi. AMCO could also acquire from Mps another portfolio of distressed credits. Global asset manager York Capital received two financing facilities from Illimity Bank for a total of 33 million euros (see here a previous post by BeBeez ). York will invest such resources in distressed credits backed by real estate assets. Luxembourg-based vehicle York Capital Management Europe (UK) Advisors received a financing facility of 20 million backed by real estate assets worth 150 million. Another Luxembourg-based vehicle of York Capital received another financing facility of 13 million that has as underlaying a portfolio of corporate credits with a face value of 85 million that York acquired in late 2020 and have real estate assets as collateral. In December 2020, Leopardo Crediti acquired a portfolio of unsecured bad loans of 40 million euros GBV from an undisclosed Italian bank (see here a previous post by BeBeez ). Sante Casini is Leopardo Crediti’s controlling shareholder. Sorec, an independent servicer for the management of distressed credits, acquired from Axactor Capital Italy a tokenized Npl through the BlockInvest (see here a previous post by BeBeez ). The portfolio has a face value of 12 million euros. BlockInvest belongs to RealHouse, a fintech startup that Lorenzo Rigatti, Massimo Calogiuri, Alfredo Malgrati, Fabrizio Ciciani, Fabio Pacchioni, Davide Baldi, and Rossano Petrucci founded. RealHouse’s proprietary technology can tokenize or fraction the real estate assets in security tokens . Leasys, a subsidiary of Gruppo Fca Bank, signed a partnership with the fintech WizKey, the owner of the Ethereum-based NPL platform Define (see here a previous post by BeBeez ). Leasys will be able to sell quickly its NPLs grace to the smart contract technology of Define. Marco Pagani (ceo) and Roberto Ghio (chairman) founded Wizkey and launched Define in 2019. WizKey is part of the Testing and Certification Working Group of Enterprise Ethereum Alliance (EEA), an organisation that aims to develop the open blockchain and drive globally the harmonisation and interoperability for businesses and consumers. Intel, Quorum and its owner ConSenSys, Microsoft, and Standard Chartered Bank. JPMorgan created Quorum and kept a minority of the business. Milan Court accepted Moby’s application for a 3 months extension for tabling a restructuring and receivership proposal (see here a previous post by BeBeez ). Moby and Tirrenia-Cin, the troubled Italian shipping companies, must outline a plan by 28 March, Sunday. Ad Hoc Group is the association of the companies’ bondholders which are hedge funds Soundpoint Capital, Cheyenne Capital, BlueBay, Aptior Capital, and York Capital. Previous press reports said that Moby and Tirrenia attracted the interest of Europa Investimenti, Arrow Global and Clessidra. Anima Alternative, a new direct lending fund managed by Anima Alternative sgr, reached its first closing of 117 million euros ahead of a target of 150 million (hard cap of 200 million) (see here a previous post by BeBeez ). Anima Alternative attracted the resources of Fondo Italiano di Investimento (FII – cornerstone investor) while the European Investment Fund (EIF) said it will invest in the fund. Anima Alternative will invest in senior, unitranche / second lien and mezzanine debt and 20% of its resources in direct lending. Philippe Minard is the ceo of Anima Alternative. Igeam, an engineering consultancy firm that owns Milan-listed Igealmed, acquired a provider of healthcare services &PoiMedica with the support of a 0.9 million euros loan provided by HI Crescitalia Pmi Fund managed by Hedge Invest sgr part of a facility package worth a total of 2 million euros (see here a previous post by BeBeez ). Marco Ballico sold a controlling stake in &PoiMedica which has sales of 1.2 million, an adjusted ebitda in the region of 0.2 million and cash of 0.4 million. Digital Technologies, an Italian IT company, issued a 2.5 million euros minibond (see here a previous post by BeBeez ). Dwf and Swiss Merchant Corporation advised the company. Digital Technologies has sales of 7 million, an ebitda of 1.02 million and net cash of 0.17 million. In January 2020, Digital Technologies became a benefit company. Swisspower Rinnovabili Italia, the Italian subsidiary of Swisspower Renewables, received from Intesa Sanpaolo and Banco Bpm a financing facility of 58.1 million euro for a portfolio of 23 hydroelectric plants with a total power of 46.5 MW (see here a previous post by BeBeez ). Swisspower Renewables AG was born in 2011 out of a partnership of a group of Swiss utilities. In December 2017, UBS Clean Energy Infrastructure Switzerland 2 (UBS-CEIS 2) acquired a minority of Swisspower Renewables. Sistemi Rinnovabili Investimenti (SRI), a renewable enrgy company that Antonio Urbano leads, refinanced a portfolio of photovoltaic plants with a power of 13.7 MWp (see here a previous post by BeBeez ). Intesa SanPaolo provided a financing facility of 26 million euros. The company will invest these proceeds in repaying a debt with Creval and leasing liabilities with Mps and Intesa Sanpaolo.