Ifis Npl investing, a subsidiary of Banca Ifis, has created the securitization of a non-performing portfolio made up mostly of unsecured loans assisted by assignment orders. It's about the first operation in Italy of this type, a novelty for this type of non-performing loans characterized by a process that provides for the recovery of NPLs through forced execution (attachment of one fifth of salary).
Thanks to this operation, Ifis Npl Investing will raise up to 350 million euros of liquidity on the institutional market "without deconsolidating the underlying loans which will remain the property of the Banca Ifis Group", communicates the company in a note.
The receivables subject to the securitization, owned by Ifis Npl Investing, were transferred to a newly established vehicle called IFIS NPL 2021-1 SPV Srl which issued senior, mezzanine and junior notes.
“The mezzanine note and the junior note have been fully subscribed by Ifis Npl Investing and will not be sold. The two classes of senior notes, net of 5% which will be retained with the originator, will be admitted to trading on the ExtraMOT debt market of Borsa Italiana and will be refinanced on the institutional investor market”, the company continues.
The transaction will allow Ifis Npl Investing to self-finance itself and to confirm on the Italian servicer market the non-performing loan management and recovery capabilities of the subsidiary Ifis Npl Servicing also for third parties.
