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