Banco Bpm securitizes a 5,1 billion Npl portfolio on which it intends to request the release of the Gacs public guarantee. In detail, the institute launched the 'Exodus' project with the sale of the portfolio (whose value as at 31 March had dropped to 4,9 billion) to the securitization vehicle Red Sea Spv, which will issue senior, mezzanine and junior which will be subscribed by Banco Bpm itself. Subsequently, the mezzanine and junior tranches will be sold to third-party investors while the senior notes will be kept by the institution.
The accounting effects of the operation, which is part of the 13 billion disposal plan announced by the group (of which 4,5 already completed and 3,5 remaining), are expected in the first half-year accounts. Banco Bpm expects the sale price 'to be substantially in line with the current book values of the receivables in the accounts' of the selling banks'.
