NPLs

NPLs refers to securitisations that are structured utilising non-performing loans from either one or a collection of loan issuers.
Typically involving large whole loan portfolios from distressed asset investors or non-core asset disposals from a bank, NPL securitisations are a strongly growing part of the structured credit and ABS markets. NPL structures used to date include ABS, RMBS and CLOs, though it is likely that these will broaden to CMBS and beyond in time.

  • Hamburg Commercial Bank hires ex-Alantra md for NPL and ABF push

    Senior hire comes as German NPL ratios climb to highest levels since 2020

    Fabrizio Sicilia, who was a credit portfolio manager at Alantra for over eight years, has joined Hamburg Commercial Bank (HCOB) as md and head of non-performing loan (NPL) financing, effective today (19 October). 

    SCI first reported on Sicilia's departure last month, shortly after Alantra appointed former Deutsche Bank veteran Zak Chaudary to lead .......

    News 19 October 2026

  • SCI Risk Sharing Awards: European Arranger of the Year

    Winner: Revel Partners

    As an independent arranger, Revel Partners is not simply arranging repeat trades for large issuers; it is expanding the issuer base and bringing less familiar collateral types and regional banks into the SRT market. In recognition of its clear strategic focus on first-time and infrequent issuers, underrepresented jurisdictions and asset classes where structuring practices are still developing, the firm .......

    News 16 October 2026

  • AMCO adds third Italian bad loan book to sales as BPER markets portfolio

    AMCO recently brought two Italian NPL portfolios to market a...

    Italy’s state-backed bad loan manager AMCO is marketing a third portfolio of non-performing loans (NPLs) this week, while BPER Banca is also launching the sale of a book of distressed exposures, SCI has learned.

    AMCO has launched the sale of Project Ross 2, a portfolio with a gross book value (GBV) of roughly €220m, comprising secured NPLs backed by residential mortgages. 

    The latest sale .......

    News 14 October 2026

  • Valori buys €217m Balkan NPL portfolio from AMCO

    Cross-border package spans Romania, Croatia, Moldova and Albania

    Valori Capital has acquired a roughly €217m portfolio of non-performing and sub-performing corporate loans from Italian state-owned asset manager AMCO.

    The transaction, dubbed Project Callaghan, covers predominantly real estate-backed loans with around €217m in unpaid legal balances, equivalent to gross book value (GBV). The deal is structured separately from Valori's Italian NPL platform, which was used for its .......

    News Analysis 7 October 2026

  • Job swaps weekly: Pemberton taps Investcorp's Courtman to lead CLOs

    People move and key promotions in securitisation

    This week’s roundup of structured credit job swaps sees Pemberton Asset Management appoint Dominic Courtman as head of its CLO group as the manager continues to grow its platform. Elsewhere, BlackRock TCP Capital has appointed Dan Worrell as coo across three private credit vehicles, while New York Life Investment Management has agreed to acquire a majority stake in residential .......

    Market Moves 2 October 2026

  • Valori debuts in Italian NPLs with secondary portfolio buy

    Firm completes purchase via existing securitisation vehicle, with more deals planned

    European distressed private credit manager Valori Capital has entered the Italian non-performing loan (NPL) market by acquiring a real estate-secured portfolio from a US fund. 

    The portfolio, Dubbed Project Cloud, has a gross book value (GBV) of approximately €79m. Valori acquired the secondary portfolio via a Law 130 securitisation vehicle, sources told SCI.

    The acquisition marks one of the firm's initial investments in parallel .......

    News 2 October 2026

  • Alantra credit portfolio md to depart

    Senior departure closely follows Alantra's appointment of a...

    Fabrizio Sicilia, who was md within Alantra's FIG and credit portfolio advisory team, is set to depart the firm after over eight years, SCI has learned. 

    While Alantra has not yet disclosed any plans to replace Sicilia, the firm has recently hired former Deutsche Bank veteran Zak Chaudary to lead its SRT arranging .......

    News Analysis 24 September 2026

  • Italy's AMCO launches two NPL book sales

    Italy's state-backed bad loan manager continues its mission to clear banks' distressed exposures

    Italy's state-backed Asset Management Company (AMCO) is marketing two non-performing loan (NPL) portfolios this week as the bad-loan manager continues its mission to clear Italian banks' distressed exposures, SCI has learned.
    ​
    The first portfolio, dubbed Project Maison, has a gross book value (GBV) of roughly €300m. The pool comprises secured NPLs, primarily spanning the hotel sector.
    News 23 September 2026

  • New details emerge on Morrow Bank's NPL sale

    Nordic lender confirms bad loan portfolio disposals as it progresses MedMera integration

    Morrow Bank has confirmed the sale of its Norwegian and Finnish non-performing loan (NPL) portfolios on Friday, providing new details on a transaction first reported by SCI last month.

    The sale is part of the Nordic lender’s wider restructuring following its acquisition of Swedish bank MedMera earlier this year. 

    The portfolios have a joint .......

    News 11 September 2026

  • Hoist launches German NPL book sale

    The secondary-market portfolio is a rare source of supply as...

    Distressed investor and manager Hoist Finance has launched the sale of a German non-performing loan (NPL) book with a gross book value of roughly €1.5bn, according to SCI sources.

    Named Project Zugspitze after Germany's highest mountain, the portfolio comprises unsecured exposures and is understood to be in the advanced stages of a competitive process, with a handful of .......

    News Analysis 20 August 2026

  • Morrow Bank launches NPL book sale following MedMera acquisition

    Post-consolidation balance sheet clean-up drives bad loan disposal amid active Nordic NPL market

    Nordic lender Morrow Bank is working on a large-scale non-performing loan (NPL) transaction as it looks to clean up its balance sheet after acquiring Swedish digital lender MedMera Bank earlier this year, according to SCI sources. 

    The sale could take the form of a sale to a specialised debt purchaser (SDR), also known in the region as a co-investment structure, or a .......

    News 14 August 2026

  • French NPL market stirs as SocGen, BPCE, BNPP and Credit Mutuel bring books to market

    Repeat sellers are returning with larger portfolios after ye...

    France's non-performing loan (NPL) market is seeing an unusual concentration of larger-ticket supply, with four banks bringing bad loan portfolios with a joint gross book value (GBV) of over €1bn to market, as they look to optimise their balance sheets. 

    Société Générale, BPCE, BNP Paribas and Crédit Mutuel are each marketing NPL portfolios, according to SCI sources, creating .......

    News Analysis 12 August 2026

  • Brocc bags Norion Bank's Nordic bad loan book

    Deal marks one of the largest primary NPL disposals in the r...

    Cerberus-owned specialised debt manager Brocc Finance has bought a Nordic non-performing loan (NPL) portfolio with a gross book value of SEK 6.2bn (£483m) sold by Norion Bank.

    The portfolio, dubbed Project Midsummer internally, comprises over 500,000 unsecured consumer loans spanning instalment loans, buy-now-pay-later receivables, and credit card debt originated by Norion across Sweden, Finland, and Norway.

    The .......

    News Analysis 4 August 2026

  • Transformation and turbulence

    Readers recall the key events over SCI's first 20 years

    The first issue of Structured Credit Investor was published this week in 2006 and since then the publication has provided structured credit news and analysis to the buyside through ever-changing times. SCI has documented not only the evolution of the securitisation markets over the last 20 years, but also the broader transformation of risk transfer and capital formation across .......

    Talking Point 4 August 2026

  • ABF Deal Digest: Sardis Group targets retail investors with private market interval fund

    A weekly roundup of private asset-backed financing activity

    This week’s roundup of private ABF activity sees securitised credit investment management firm Sardis Group launch an interval fund seeking to provide private market exposure to retail investors. Elsewhere, Blackstone Credit & Insurance (BXCI) has agreed a small business loan forward flow origination partnership with Harvest Commercial Capital.

    Sardis Group has launched the Sardis Credit Opportunities Fund (SGSIX), .......

    News 17 December 2025

  • Job swaps weekly: Jefferies strikes Hildene deal

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Jefferies Financial Group acquiring a 50% stake in the parent of credit-focused asset manager Hildene. Elsewhere, Kirkland & Ellis has recruited a Washington DC-based partner, while Baker McKenzie has snapped up a real estate finance and structured finance specialist as a partner in its London office.

    Jefferies Financial Group is .......

    Market Moves 12 December 2025

  • ABF market eyes a stronger 2026 as bank appetite rebuilds

    Banks face a defining year as private credit advances into their core markets

    Banks are entering 2026 in a competitive ABF landscape, as private credit platforms continue to absorb activity that once sat on their balance sheets. The year ahead points to an industry adjusting to regulatory pressure, tighter capital conditions and a marked shift in investor preferences - all forces that are accelerating ABF adoption.

    Blake Eger, head of .......

    News Analysis 12 December 2025

  • ABF Deal Digest: SBI Group to access private credit via Carlyle partnership

    A weekly roundup of private asset-backed financing activity

    This week’s roundup of private ABF activity sees Carlyle and SBI Group team up to provide private credit opportunities to Japanese institutional investors. Elsewhere, a Mexican NBFI has tapped its first term ABS, while Pagaya has inked an auto forward flow deal.

    Carlyle has formed a partnership with SBI PE Holdings, the private equity business of Japanese financial .......

    News 5 November 2025

  • Balbec rapidly deploying Fund VI amid mortgage and consumer debt surge

    Asset-based credit firm leans into smaller, operationally co...

    Balbec Capital is ramping up activity across all corners of the residential loan market, CRE loans, consumer NPLs and secondary portfolios from struggling lenders, after having deployed over half of its sixth flagship fund. Despite a tough fundraising climate, the firm raised more than expected for Fund VI, as demand for niche, cash-flowing credit strategies continues to grow.

    The Structured Credit Interview 18 July 2025

  • EU NPL market sees ABF activity uptick amid forward flow surge

    Forward flows, UTPs, and tail portfolios to drive secondary market revival

    The European non-performing loan (NPL) market is experiencing a structural shift as forward flow agreements – once a niche tool – move to the centre of dealmaking, replacing traditional bulk sales with granular, recurring transactions. Driven by stricter regulatory frameworks, such as Basel III, IFRS 9, and ECB time-based provisioning rules, banks are increasingly offloading NPLs as they hit their books .......

    News 17 April 2025

  • Job swaps weekly: 400CM promotes five as investment strategy heads

    Securitisation people moves and key promotions

    This week’s round-up of job swaps sees 400 Capital Management (400CM) beef up its securitisation strategy team with a handful of promotions. Elsewhere, Ares Management Corporation has named a co-head of Europe for alternative credit, while Taylor Wessing has strengthened its banking and finance team.

    400 Capital Management has announced five new heads of investment strategy. Portfolio manager Quinn .......

    Market Moves 17 April 2025
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