Nuova Frontiera SPV S.r.l.: 10 October 2018

Banca Intermobiliare joins the long list of Italian banks that have securitised a pool of NPLs. On this occasion the gross book value of the loans was Eur601.1m, which was sold at a price of EUR147.7m according to the bank.

The transaction has been arranged by Banca IMI and has been split into senior and junior notes, of which 95% will be placed in the Attestor Value Master Fund. BIM will retain the residual 5%, equating to around EUR5.8m.

As of 30 June 2018 the loans portfolio sold - mainly represented by corporate exposures and exposures backed by collateral guarantees - consists of 199 non-performing positions with a total gross value of € 482.5 million; 92 positions classified as probable defaults for a gross value of 116.5 million and two positions recently returned to performing status, for 2.1 million.

Compare/contrast: Aragorn NPL 2018 S.r.l, Maior SPV S.r.l.