Areas of activities and services

J-Invest S.p.A. is a very active player in the distressed asset and non-performing loan market, mainly focussing on the following two areas: arbitrage of unsecured claims and securitisation of claims.

Main activities

Arbitrage of claims admitted in bankruptcy proceedings

Securitisation of claims

Other activities

Origination, valuation and direct/third parties management of NPL portfolios

Origination, valuation and acquisition on an opportunistic basis of bankruptcy clawbacks

ARBITRAGE OF CLAIMS ADMITTED IN BANKRUPTCY PROCEEDINGS

J-Invest S.p.A. focuses on and analyses every individual insolvency procedure and does not use a statistical methodology for the valuation of a generic NPL portfolio. This approach is unswervingly the same regardless of the number of claims (single-names or large portfolio of names) and type of deal (direct sales or advisor managed auction).

SCOUTING OF HIGH-
RETURN PROCEEDINGS

PRIORITISATION OF
CLAIMS

NEGOTIATION

CASH-IN

  • liabilities analysis
  • return analysis
  • payback analysis
  • prioritisation by size, availability, success probability
  • identification of reference contracts
  • bidding process
  • agreement finalisation and non-recourse purchase
  • partial repayments
  • trading of purchased claims

ARBITRAGE OF CLAIMS ADMITTED IN BANKRUPTCY PROCEEDINGS

J-Invest S.p.A. focuses on and analyses every individual insolvency procedure and does not use a statistical methodology for the valuation of a generic NPL portfolio. This approach is unswervingly the same regardless of the numbers of claims (single names or large portfolio of names) and type of deal (direct sales or advisor managed auction).

ARBITRAGE OF CLAIMS ADMITTED IN BANKRUPTCY PROCEEDINGS

J-Invest focuses S.p.A. on and analyses every individual insolvency procedure and does not use a statistical methodology for the valuation of a generic NPL portfolio. This approach is unswervingly the same regardless of the numbers of claims (single names or large portfolio of names) and type of deal (direct sales or advisor managed auction).

SCOUTING OF HIGH-RETURN PROCEEDINGS

  • liabilities analysis
  • return analysis
  • payback analysis

PRIORITISATION OF CLAIMS

  • prioritisation by size, availability, success probability

NEGOTIATION

  • identification of reference contracts
  • bidding process
  • agreement finalisation and non-recourse purchase

CASH-IN

  • partial repayments
  • trading of purchased claims

SECURITISATION OF CLAIMS

J-Invest S.p.A. is the promoter of securitisation transactions aimed at creating significant returns for the subscribers of the issued notes. J-Invest S.p.A. researches high potential opportunities (origination), analyses and evaluates each position (due diligence) and finalises the purchase of the claims on the basis of its unique selection of NPL portfolios.

The selected claims are purchased through securitisation vehicles established under Italian Law 130/1999.

Securitisation structure

Highlights

  • The purchase is aimed at setting up a securitisation transaction of claims admitted in bankruptcy proceedings through the issuance of one or more classes of notes by the issuing-SPV.

  • The issuing-SPV and the Master Servicer enter into a servicing agreement according to which Master Servicer is appointed to carry out the management, recovery and collection of the securitised claims.

  • Master servicer, in turn, with the consent of the issuing-SPV, appoints J-Invest S.p.A. as the sub-servicer of the securitisation transaction to carry out the servicing activities, pursuant to Italian Law no. 130/1999.

  • The Sub-Servicer (role entrusted to J-Invest S.p.A.) structures the activity with a view to maximising the collections and reducing recovery times. It defines and controls judicial activities aiming at an “active” approach, so as to accelerate the recovery procedures.

Credentials

J-Invest S.p.A. invests in portfolios selected among the most important Italian and foreign credit institutions and investment funds.

Project Tomacelli

Acquisition of a portfolio of asset-backed and unsecured claims

GBV: €101 mn
September 2019

Project Diaz

Acquisition of a portfolio of unsecured claims

GBV: €533 mn
October 2018

Project Amalfi

Acquisition of a portfolio of asset-backed and unsecured claims

GBV: €384 mn
November 2018

Project Sun

Acquisition of a portfolio of unsecured claims

GBV: €907 mn
December 2017

Italian Leading Credit Institution

Undisclosed

Acquisition of a portfolio of unsecured claims

GBV: €300 mn
April 2017

Project Itaca

Acquisition of a portfolio of unsecured claims

GBV: €22 mn
December 2017

Banca per l’Emilia Romagna

Acquisition of a portfolio of unsecured claims

GBV: €100 mn
December 2016

Undisclosed

Acquisition of a portfolio of unsecured claims

GBV: €100 mn
June 2016

Project Riddler

Acquisition of a portfolio of unsecured claims

GBV: €492 mn
December 2015

Project ENI

Acquisition of a portfolio of unsecured claims

GBV: €31 mn
December 2020