Italian asset manager Banca Generali said there had been no new writedowns on bonds linked to the healthcare system, after a report in the Financial Times on Thursday highlighted recent provisions. The Financial Times reported that Banca Generali had written down the value of almost 500 million euros of such bonds. A spokesperson for Banca Generali referred to a July 27 statement by the company which had flagged 80 million euros in provisions on investments on healthcare receivables.
Italian asset manager Banca Generali has written down the value of almost 500 million euros worth of bonds connected to the Italian public healthcare system, the Financial Times reported on Thursday. Banca Generali told the newspaper that it would no longer market bonds backed by invoices owed by Italian public health authorities, and that it would no longer distribute healthcare-related debt sold by CFE, a boutique investment bank that arranged the deals. “Banca Generali has stopped the distribution of healthcare securities arranged by CFE, and decided to leave this business,” the report https://on.ft.com/39dE7Hs said, quoting the bank.