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Milano Finanza conducted an interesting in-depth study on the trend of corporate crisis management in Italy.
Starting from the data released by the Cherry Sea Observatory, according to which new judicial liquidation and bankruptcy procedures opened in 2023 increased by 26% compared to 2022, experts in the sector were interviewed.

High interest rates, difficulties in accessing credit, and an increasingly unstable macroeconomic and geopolitical context all contribute to aggravating the distressed situation of the Italian entrepreneurial fabric. 
According to Mirko Tramontano, CEO of My Credit, 'we are in a historical moment where the indebtedness of companies, especially SMEs, has become a social problem of systemic relevance. It is evident how substantial is the commitment of the financial world, among others, which, while respecting the economic interests involved, can be of help to the weak part of the market. With this in mind, the social securitisation project was recently presented, the first in Italy to be supported by an institutional investor, My Credit, with a significant capital contribution. A first step in reducing the distance between creditor and debtor'.

To read the full article, click here.

Mirko Tramontano, CEO of MyCredit, participated on 16 January 2024, in the Senate hearing on 'The network to protect businesses and jobs to preserve the value of the country'.

After an in-depth analysis of the situation of NPL market before and after the 2008 crisis, Tramontano illustrated the critical issues surrounding NPLs and how the current difficult situation has come about, highlighting the need for concrete action.

On this occasion, Tramontano presented the first Social Securitisation project, created by MyCredit with the aim of helping that category of debtors, made up of families and businesses, who often lack the tools and strength to return in bonis according to the established procedures and timeframes.

Social Securitisation, which was created as a rationale for the Debtor Protection Act, in fact offers families the possibility of preserving their homes despite the fact that they have had difficulties in repaying instalments and their positions have been passed over for non-performing loans.

The full intervention is available, from minutes 1:36:22 - 2:05:44, here.

MyCredit on Corriere: "Mortgages, now securitization helps those who can't afford the installment"

MyCredit is the first among institutional investors to launch a social securitisation, a project created to support families who, due to the rise in mortgage rates and the not easy macroeconomic situation our country is experiencing, have experienced difficulties and now risk losing their homes. 

To support this pilot project, which links finance and real attention to people's conditions, MyCredit has set up a EUR 50 million fund and a dedicated task force.

Social securitisation, introduced in 2019 and included within Law 130/99, is a tool through which My Credit tries to bridge the gap that currently exists between debtors and creditors.

The project was presented on Tuesday, 16 January 2024, during a hearing in the Senate, with the aim of launching a concrete comparison between politics, professional associations and social partners, aimed at finding a solution to the problem of families' and companies' difficulty in meeting their financial commitments.

More information is available at the following link

Mirko Tramontano was interviewed by Erika Tomasicchio for Be Bankers magazine, a portal dedicated to the credit sector.

During the interview, Mirko traced the company's history since its foundation and explained how its strong specialisation in mortgage credits and in particular the analysis of real estate underlyings constitutes a peculiarity compared to other companies managing NPLs today.

But that's not all: MyCredit invests its own capital. More than a servicer, it is a primary investor in the credit market.

MyCredit's goal is to bridge the gap between the financial world, which deals with numbers, balance sheet provisions, and credit securitisation, and the real economy, with a concrete and ethical approach.

To read the full article click here

Our CEO Mirko Tramontano was interviewed by Milano Finanza on the outlook for the NPL market in Italy for this and next year.

The full interview is available here.

My Credit Spa, a company specialized in the valorization of NPL and UTP Secured assets and portfolios, acted as Arranger and Noteholder in the new securitization of Brenta SPV.  

The transaction also involved Gardant - through its subsidiary Master Gardant S.p.A. - in the role of Servicer, Corporate Services Provider, Paying Agent, Calculation Agent and Representative of the Noteholders.
The securitization has as its underlying impaired loans largely backed by mortgage guarantees, sold by a leading banking group with participation from 27 banks in the group, as well as loans sold by another securitization vehicle, with an underlying collateral collateral consisting in total of more than 1,000 real estate assets.
For the legal aspects, My Credit was assisted by Andersen with attorneys Marco Giorgi and Andrea Ferrandi; Master Gardant S.p.A. was instead assisted by Eversheds Sutherland with attorneys Umberto Mauro and Rossella Severi.

"We are particularly pleased with the finalization of this transaction, entirely structured by the MyCredit team together with all the partners mentioned who provided support: an important milestone for the growth of our group, firmly positioned in the real estate non-performing market," said Mirko Tramontano, CEO of MyCredit.                         
"This transaction confirms the centrality of the master servicing and securitization services business in the Gardant Group's strategy, which aims to offer its partners the widest parterre of high value-added services and solutions in the world of receivables and related capital markets structures," said Paolo Peruzzetto, Head of Business Development at Gardant.

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Dario Bettinelli, COO and Co-founder of MyCredit, was interviewed by Pambianconews Real Estate on the topic of NPLs and how, in a shrinking economic cycle and with rising interest rates, the NPL market offers investment opportunities but also requires appropriate recovery strategies and adherence to business plans.
 
According to Bettinelli, although indicators show an increase in NPLs due to the prolonged macroeconomic situation, the Italian real estate market remains stable overall.
 
Currently, the value of loans under management at MyCredit amounts to EUR 350m and, in the last year, it has reached total investments of around EUR 100m.
Thanks to a network of about 1,000 brokers in the territory, MyCredit is able to assess asset by asset and perform a comprehensive, analytical on-site verification. The growth strategy is to steadily increase investments and to end the year with a further increase of around 20-30 million equity.

Click here to read full article

On Aziendabanca, an article by Mirko Tramontano on the outlook for non-performing loans and the growing need for specialized figures.

The market that revolves around the recovery of Non Performing Loans, in fact, is moving more and more in the direction of the specialization of operators. A choice that appears strategic in front of the significant masses of present impaired credits and especially for their different types.

These are, in fact, very different loans and in order to arrive at their "grounding" a segmentation of portfolios according to their peculiarities will be needed, accompanied by increasingly specific professionalism of the operators. Not least because it is estimated that the series of crises that have been marking these last few years, starting in 2008, will push for further growth in NPL/UTPs.

The full article is available here: https://www.aziendabanca.it/notizie/imprese/crediti-deteriorati-immobiliari-specializzazione