This session will give an overview on the distressed and restructuring market in Italy presenting Debtwire restructuring data.
Trends in the Italian market including type of restructuring proceedings being used and transactions details
Secondary debt trades trends
Panel: Distressed and restructuring – Where we are heading (in English)
The panellists will discuss the trends that have emerged from the data presentation and share their insights on the status of the distressed and restructuring market in Italy and their expectations on activity, triggers and dynamics.
Panel: The next big wave of NPL and UTP – How banks are getting ready
Based on projected future unemployment, NPL ratio in Italy could double by mid-2021. Italian banks have worked on new strategies to access future disposals. Some UTP sales might require partnerships and new finance. Bad bank AMCO has established itself as the main buyer of UTPs. Other buyers are mainly local bank NPL investors and servicers, a peculiar Italian category which has already been pivotal in restarting the sale of NPL portfolio.
What are the banks' plans?
The role of the Italian bad bank AMCO
What are the strategies for UTP?
Presentation: The Banking Sector under the Spotlight (once again)
The presentation will examine the current status of the banking sector in Italy and look how the domestic lenders are coping with the ECB requirements.
Panel: From Restructuring to Exit
This panel will look at some of the most notable restructuring examples in Italy and the best exit strategies for investors.
Panel: NPL securitisation– GACS returns so far and the future of the scheme
Two new GACS deals for over EUR 2bn closed in the first half of 2020, and seven deals totalling EUR 7.5bn are in the pipeline. Despite slow collections in April and May according to rating agencies reports, the scheme remains highly effective for the banks in need to sell and will remain a powerful tool to face the expected increase of NPL due to the COVID-19 crisis
Facing an unexpected new scenario of NPL increase, what is the future for GACS?
What are buyers ‘opportunities to develop a secondary market from GACS sales?
What are the current performances and how do they impact future deals?
Panel: Restructuring in High Yield
Several Italian HY issuers have come under fire recently, with some ending up in restructuring processes like Moby and Maccaferri. In this session, panellists will examine how restructurings in the HY space are playing out and how this is impacting new deals flow.
Are the current restructurings impacting the investor appetite for new HY deals in Italy?
Closing remarks and Aperitivo
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