Suffering, here is the renovators funds a treasure hunt from 130 billion

[CASE] The push and pull between the banks and the “vultures” on the suffering, even corroborated by the Treasury guarantees, do not loose the 129 billion business difficult credits (see chart). So I’m leaving three restructuring and a real estate funds, to manage and rehabilitate the medium-large groups and their debts. on page 4
Milan L ‘now of major loan maid is here. Not because it is spoken – and written – much, but because the market actors move: born new patterns of intervention and new investors are interested in any type of problem loans. Lately there is much talk over loan restructuring that no disposals of suffering; with three funds started in recent months in Italy, and another to the blocks. The new mantra of operators is “align the interests of creditors’, with the effect of reducing the time (very long in the beautiful country) corporate reorganizations and bring those changes that allow some companies not to take the books in court. “A company that goes under renovation enters a narrow funnel – explains Roberto Saviane, president of Idea Capital Funds – because lead times are very long and the number of subjects to the table. Our attempt is to align the interests of banks to reduce the time of restructuring and introduce changes in corporate governance and the new financial which are the ingredients that decreed the success of a turnaround. ” The company of the De Agostini Group is launching the third “restructuring fund” active in Italy after Pillarstone and OxyCapital: after a year and a half of design and analysis of a hundred dossier is passed to the execution phase. He chose a dozen medium-sized manufacturing and service companies, all over-indebted, weighed down by one or two turns of write-off of debts.

They are companies that employ a total of about 8 thousand employees, and exposed to total 250 million. The SGR has collected more than 30% of new finance, also supported by an Anglo-Saxon fund active on the debt. Reading the credits, business management and a bit ‘faster than the five years that estimate the private equity are the characteristics of a niche that many workers will grow faster, and could cover between 20 and 30 billion problem loans. Compared to private equity, indeed, the strategy is the opposite: here the investee companies are relieved of debt, do not load as they often do closed-end funds. “With the spreads and the current market rates should be analyzed well when it is appropriate to sell troubled loans, because their management over time creates much more value than the dry sales,” he said March 2 in a conference on market non-performing loans (NPL) to the university Bocconi Pietro Rizzuto, who heads the department restructuring of Unicredit. And it is an opinion that is mounting evidence, including the fact that the mountain of the negotiations between the Treasury and the European Commission on the bad Italian bank has given birth to a mouse of the State guarantees on trades between banks and operators; a measure, those of the covered securitization, which showed everyone the impotence of states in triangulation between banks, and credit system, and that will have very limited impact, merely by reducing a few tens of basis points scissors double-digit on trades of insolvencies.

It is useful to circumscribe a little’ numbers, because the bad credit will circulate many and not always to the point. Of about 350 billion of problem loans (the largest category of debtors who do not honor principal and interest) 202 000 000 000 are suffering – gave Abi end of January – the poor level. Many of these have more than ten years, and cover unsecured loans without guarantees against. Now damaged goods, in return for which, the Italian banks have set aside more than 118 billion. This leaves 83 billion net NPLs. Giovanni Bossi, the CEO of Banca IFIS that specializes in buying them on the market, believes that svenderle will be the ruin of the institutions, and that a physiological level of loans to loans is 2%, amounting to 40 billion net for the system. There are 43 billion dancing, and are the ones to elide, with provisions or sales. In 2015, a record year for the sufferings of the market in Italy, Npl were sold for about twenty billion nominal. The reforms of the government Renzi, and even more so the pressure of the ECB (and the market that the ECB is inspired by every gasp from 2011) to unburden an unsustainable burden on Italian banks – since it limits their profitability and l ‘ new lending – they are pushing the act, convinced that even if the medicine is bitter time to take it is now. However “action” does not always imply a sale itself of Npl: because for loans without guarantees, this occurs at values ​​of about one tenth of the nominal; in the event of the creditor, the average clearance recovery is around 35%, while effective restructuring allows you to recover between 60% and all of the original loan. Not least has the greatest and most beneficial effects on the community: if a company safeguards the continuity of management can continue to pay the Treasury fees and salaries to workers. For these reasons, public stakeholders prefer restructuring to dry sale. Not only governments, even the ECB: “Our model, which increases the value of the underlying loans and then share future profits with the banks bearers, is the preferred by the ECB, while the sale of NPL is just a transfer of value, the originator bank to the buyers funds, “he said at Bocconi Gaudenzio Bonaldo Gregori, of Pillarstone partners, the vehicle that Kkr instructed Unicredit and Intesa Sanpaolo after long gestation. Pillarstone, departing in other European countries, is the first of a kind: the US fund pays the money in a box, the two big banks will make loans to renovate – you work with large files, over 300 million: between customers there would Burgo, Premuda, Cuki, Sirti – and working to create a discontinuity that increases the prospective value of the loans, and then share the profits among shareholders. “The credits difficult in Italy must pass from the state of disease to the physiological, and it will take less than ten years that someone esteem”, says Angelo Bonissoni, partner at law firm CBA, very active in restructuring the sector.

For Bonissoni Pera ‘care can not just go for securitisations: although the government’s measures are positive, because they increase the number of operators and produce more efficient prices, are the expectations of investors and regulators to segment the market. ” One of the unexplored segments for example is real estate. There is a forty billion euro in loans attached to buildings financially precarious. Normally the buildings in question are sold at bargain prices, which even reimburse bank debt. But the contribution to a fund specifically to handle them and values ​​allows you to sell after 3-5 years with multiple double, triple or even quadruple in cases of particularly successful. Need a regulated fund, which abut the credits of one or more banks and rallies the capital needed – always a 20-25% of the debt – to take up with the cost of maintenance, the reallocation of space and the development of real estate. In Italy we test among the first Silver Fir Capital, a major partner of the Anglo-Saxon real estate fund, in talks with several medium-sized banks to detect up to one billion of real estate credits. “The contribution of fresh funds and the provision of property management services in outsourcing prevents the banks sell off, perhaps at a loss – says Lorenzo Baroni, the fund partners – once the manager has enhanced loans and eventually liquidated the assets the remuneration is divided according to predefined arrangements that allow banks to participate in the profits of management. ” Above, Danièle Nouy, ​​head of ECB supervision; alongside Mario Draghi


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Autore: Jessica Bertazzo