The New Government Guarantee for Italian NPLs: What Does It Mean For Investors?

The LSTA was pleased to present:

THE NEW GOVERNMENT GUARANTEE FOR ITALIAN NPLs; WHAT DOES IT MEAN FOR INVESTORS?

One area in Europe that has been eyed by investors is the non-performing loan portfolios (NPLs) sitting on Italian bank balance sheets. Market participants have been waiting for an agreement between the EU and Italy on what government guarantee will be offered to back these loans, but they need wait no more. On February 14th, the Italian government approved a decree regarding a guarantee for banks that securitize and sell NPLs (the so-called “GACS” mechanism).

The session addressed, amongst other things:

  • GACS 101 – What is required to be eligible?
  • The NPL market perspective in Italy
  • Major issues to consider in NPL transactions
  • Implications for investors

Speakers:
Justin Conway, Partner, Jones Day
Luca Fenaroli, SVP, Banca Finanziaria Internazionale
Francesco Squerzoni, Partner, Jones Day
Vinicio Trombetti, Partner, Jones Day

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The Volcker Rule Amendments: What Do They Mean for CLOs

Earlier today the Federal Deposit Insurance Company (FDIC) and the Office of the Comptroller of the Currency (OCC) separately approved final rules amending rules originally published in November 2013 that implemented the Volcker Rule. Importantly, today’s amendments do not affect loans and CLOs. The FDIC signaled that amendments to the part of the Volcker Rule pertaining to CLOs would be forthcoming sometime in the future. Today’s amended rules are available here.

LSTA Newsletter: August 16, 2019

This week we cover LIBOR-Good News and Less Good News; Docs Terms of Use; Delayed Comp Docs Released; Loans Mag Announcement

Loans Magazine – Summer 2019 Edition

This edition provides members with valuable content on the latest developments in the syndicated loan market. An article from David Chmiel of Global Torchlight Limited which explores “Current Geopolitical Trends Impacting the Loan Market”. We continue with a series of articles on the many aspects of the LIBOR/SOFR transition, an analysis of the secondary loan […]

LIBOR Fallbacks: Good News… and Less Good News

There is good news – and less good news – on LIBOR fallback language in cash products like loans, FRNs and CLOs. On the good news front, it looks like most cash products are now including fallback language in new deals. This is critical because many instruments will be outstanding when LIBOR ends after 2021, and if they don’t have good fallback language, there could be contract frustration (and litigation). However, on the less-good-news front, the fallback language is not always consistent (which may lead to a lot of work to determine exactly how each instrument would fall back) or workable en masse (which may lead to traffic jams as everyone tries to amend their deals at the same time). We discuss the fallback status of FRNs and loans below. (And we’d gently remind readers that several CLOs have gone “hardwired”, per LCD and Covenant Review).