J-Invest, a financial company active in the distressed assets sector, has completed a securitization transaction of a portfolio of non-performing loans worth 1,7 billion (gross) euro.
Going into details, the portfolio consists of 1.930 type positions unsecured corporate and originated for 93% by banking and financial institutions.
According to the company's announcement, the purchase was made through the securitization vehicle NPL Securitization Italy SPV. “The average ticket size per debtor is equal to 881 thousand euros and the average vintage default is equal to 11 years. The portfolio is mainly located in Northern Italy (65% of the total), where historically times are faster and the recovery value is high”, explains J-Invest in a note.
The operation, in which J-Invest was assisted by Corrado Angelelli, provides for the issue of senior and junior notes. The senior notes were subscribed by a fund specializing in private debt funding based in London.
"Zenith Service, in its capacity as Master Servicer and with the consent of the issuing SPV, has sub-delegated to J-Invest SpA, in its capacity as sub-servicer of the securitization transaction, the servicing activities as permitted by law 130/1999", reads the note.
“The operation is very important for the company and is aimed at establishing a lasting relationship with institutional funds for future further operations on the market. The achievement of this important result, despite the current challenging moment deriving from the Covid-19 emergency, represents a further confirmation of J-Invest's ability and credibility in its reference market of unsecured NPLs with respect to insolvency proceedings" said Jacopo Di Stefano, CEO of J-Invest.
