The operation was carried out through the Italian Recovery Fund and is one of the biggest ever performed in Europe.
10 Jan 2018
Quaestio Capital SGR, on behalf of the Italian Recovery Fund, closed the investment operation in the mezzanine tranche of the securitization of Euro 25 billion gross of distressed loans held by Banca Monte dei Paschi di Siena SpA.
With an investment of Euro 805 million the Italian Recovery Fund will purchase 95% of the mezzanine tranche issued by the securitization vehicle to which the portfolio of distressed loans held by BMPS had been transferred. The Italian Recovery Fund will carry out its investment in the junior tranche during the first half of 2018, when also the rating and the GACS Italian state guarantees for the senior tranche will be obtained (and the subsequent sale on the market will be carried out).
The securitization of BMPS’s non-performing loans, one of the biggest operations of its kind ever carried out in Europe, is a crucial item in the restructuring and relaunch plan for the bank agreed with the European authorities.
Quaestio will handle and control the whole operation, as regards both the structure of the securitization, with Credito Fondiario acting as master servicer, and the management of the loan recovery plans which has been entrusted to leading operators in the sector and to the recovery platform acquired from BMPS together with Cerved. This is to protect the interests of the Fund’s investors and pursue the objective of helping to create an efficient NPL market in Italy.
Established thanks to the commitment of many Italian and international financial institutions to invest exclusively in non-performing loans, the Italian Recovery Fund is the largest investor in the non-performing loan market in Italy and one of the biggest investors in the world in this sector. It is currently involved in four NPL securitizations of approximately Euro 31 billion gross with a total investment in the region of Euro 2.5 billion.
By virtue of the leadership position it has achieved in Italy in structuring and investing in securitizations of non- performing loans, Quaestio Capital SGR intends to launch other investment initiatives in the Italian distressed credit sector over the next few months.
DeA Capital S.p.A. is entering the capital of Quaestio Holding with an interest of 44% to become its relative majority shareholder, alongside Fondazione Cariplo and the other “historic” institutional shareholders with the aim of strengthening the company and supporting its new phase of development.
New closing for the Quaestio Private Markets Funds – European Private Debt fund
Quaestio Capital Management SGR has today approved the signing of an agreement, on behalf of the Atlante II Fund, for the purchase of the portfolio of Euro 343 million of impaired loans held by Nuova Cassa di Risparmio di Ferrara S.p.A., the entity which arose following the resolution of the previous Cassa di Risparmio di Ferrara in November 2015.
The Fund’s intervention in purchasing the npls has been one of the decisive factors in arriving at a solution for MPS, as was also seen in the case of the good banks acquired by UBI and BPER.
Quaestio Holding SA (“Quaestio”) has signed an exclusivity undertaking with Cerved Information Solutions SpA (“Cerved”) for the negotiation of an agreement which contemplates an industrial partnership in special servicing activities.
The Board of Directors of Quaestio Capital Management SGR S.p.A. has calculated the value of the quota of the Atlante Fund and the Atlante II Fund at 30 June 2017.
The Fund is the largest investor in the non-performing loan market in Italy and among the biggest investors in the world, thus ensuring a strong Italian institutional presence in the industry.
The Fund’s involvement in the purchase of the non-performing loans is one of the determinant factors in the sale of the three banks to the Crédit Agricole Cariparma SpA.
The operation occurs through the Italian Recovery Fund and is one the key factors in the sale of the three banks to Crédit Agricole Cariparma SpA.
Quaestio Capital SGR has further strengthened its management structure with the arrival of Ali Saad as analyst and Multi Asset manager in one of Quaestio’s main areas of activity.
The Quaestio Italian Growth Fund has subscribed €15 million as its portion of the share capital increase and now holds 26,6% of the shares of Industrie Saleri Italo S.p.A. (SIL).
Quaestio Capital SGR S.p.A. announces a new closing for its Quaestio Private Markets Funds – European Private Debt fund.
The information in this document is given for information purposes only and does not qualify as investment advice. Opinions and assessments contained in this document may change and reflect the point of view of Quaestio Capital SGR S.p.A. in the current economic environment and might change.
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