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.
05 Jul 2017
Quaestio Capital Management SGR has signed a binding agreement with MPS on behalf of the Atlante II Fund which sets out the stages and conditions for an investment in the securitization of the portfolio of Euro
26.1 billion of the bank’s npls.
The Atlante II Fund’s intervention will consist of the purchase of 95% of the Junior and Mezzanine tranches issued by a securitization vehicle that will acquire the portfolio of MPS’s npls. The Senior tranche will be retained by MPS and sold once the rating and the GACS state guarantees have been obtained.
The securitization of the MPS bad loans, one of the biggest operations of its kind ever carried out in Europe, is a decisive factor in the plan to relaunch the bank. The operation, which is compliant with the requests made by the ECB and the European Directorate-General for Competition, gives MPS access to the precautionary recapitalization, thereby bringing to an end one of the most significant and complex banking crises in Italy, as was also seen recently in the decisive role played by the Atlante II Fund in the solution found for the three good banks which were acquired by UBI and by BPER.
An average price of 21% of gross book value will be paid. In addition to the return of 12% for the Fund, 50% of any additional returns will be distributed to MPS.
As in other cases Quaestio reserves the right to involved other investors in the operation.
Quaestio will coordinate and control the whole operation as far as the structure of the securitization and the management of the loan recovery plans are concerned. The aim of this is to protect the interests of the Fund’s investors and to pursue the objective of contributing to the creation of an NPL market in Italy that is efficient and open to competition.
This is the third operation performed by Atlante II (a fund set up in 2016 exclusively to purchase npls of Italian banks) following those involving the Euro 2.2 billion portfolio of the good banks purchased by UBI Banca and the Euro 343 million portfolio of Cariferrara acquired by BPER.
The Fund may continue analyzing further investments in securitizations of npls of Italian banks.
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.
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.
The operation was carried out through the Italian Recovery Fund and is one of the biggest ever performed in Europe.
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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