DoValue di Castellaneta and Mangoni celebrates with state guarantees
DoValue (controlled by the Softbank group) completed two GACS securitisations in Italy for a value of approximately 3.5 billion. All the details
In Italy the Softbank group, through the doValue company chaired by Giovanni Castellaneta and led by the CEO, Andrea Mangoni, does business thanks also to state guarantees (Gacs) for securitisations.
Here are the latest news.
THE LATEST NEWS RELEASED BY DOVALUE
doValue announced that “two important GACS securitisations have been completed in Italy for an equivalent value of approximately 3.5 billion, where the company , also through its subsidiary Italfondiario, acts as Master and Special Servicer. These Gacs securitisations testify to doValue's leadership in this segment, having obtained a market share greater than 70% in 2021 on the new Gacs mandates assigned ”.
THE TWO SECURITIZATIONS ORCHESTRATED BY DOVALUE
The two securitisations "relate to a portfolio of non-performing mortgage and unsecured loans of approximately 2.2 billion originating from UniCredit (of which € 1.5 billion already managed by doValue) and a portfolio of non-performing loans equal to approximately € 1.3 billion originating from banks belonging to the Iccrea Cooperative Banking Group (and other major Italian credit institutions). In particular, the Gacs securitization relating to Iccrea represents a unicum on the market, as it is the first transaction in Italy with a mixed underlying consisting of non-performing loans and leasing contracts structured according to the Gacs scheme ".
THE NUMBERS OF OPERATIONS
“The aggregate value of approximately 3.5 billion corresponds to an additional gross book value for doValue of approximately 2 billion. This amount represents part of the stock of mandates assigned and not yet onboarded (equal to 10 billion) already discussed in the results of the first nine months of 2021 ".
WHAT ARE GACS
The Gacs (guarantees on the securitization of loans) are no guarantees granted by the State, in accordance with the European Commission's decisions, aimed at facilitating the mobilization of non-performing loans from the banks and financial institutions with registered offices in Italy, we read on the site of the Ministry of Economy and Finance: "The guarantee is granted by the Ministry of Economy and Finance (Mef) on liabilities issued as part of securitization transactions (Article 1 of Law 130/1999), against the sale by the banks of non-performing loans to a special purpose vehicle (Spv). The GACS – unconditional, irrevocable and on first demand – covers the holders of the senior Notes in the event of non-payment of the sums due for principal and interest ".
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/come-dovalue-festeggia-con-le-garanzie-di-stato/ on Thu, 02 Dec 2021 09:06:24 +0000.