Italian banks still planning almost EUR 10bn of NPL securitisations using GACS guarantee scheme, despite financial turmoil

30 May 2018
Italian banks with plans to use the government’s guarantee scheme for NPL portfolio securtization will continue to do so, despite the political crisis currently causing extreme volatility in the financial markets, according to sources polled by Debtwire.
Two sources familiar with the situation and four people briefed on the matter said they expect at least five securitisations of up to EUR 9.7bn (gross book value) of NPLs, using the garanzia sulla cartolarizzazione delle sofferenze (GACS) guarantee scheme, to close by end of June.
Banco BPM is due to securitise a EUR 5bn portfolio; Creval a EUR 1.6bn pool; Banco di Sardegna, part of BPER Banca Group, a EUR 1.1bn portfolio; with Iccrea Group and Crédit Agricole Italia (formerly Cariparma) working on portfolios of up to EUR 1bn, each.
Debtwire is currently monitoring a total of 10 deals involving GACS, for a total of up to EUR 17.7bn.
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