NPLs

  • Non-QM tipped as 'next opportunity'

    Last year marked the beginning of a transition from a post-crisis distressed recovery trade to a more efficient market for the US securitisation sector, underpinned by robust performance and favourable economic conditions. Against this backdrop, mortgage credit and private credit financings are expected to remain a strong source of risk-adjusted returns.

    Greg Parsons, ceo of Semper Capital Management, characterises the .......

    News Analysis 19 January 2018

  • AnaCap extends Romanian foothold

    A consortium led by AnaCap, Czech debt recovery firm APS and Deutsche Bank has won the bid for a non-performing loan portfolio put up for sale by Alpha Bank Romania. The €360m corporate transaction coincided with another €50m Romanian retail NPL transaction between Alpha Bank and B2Holding.

    Prior to 2014, banks and financial institutions operating in Romania employed a relatively .......

    News Analysis 18 January 2018

  • MPS NPL securitisation takes off

    Quaestio, the Italian rescue fund, has closed its investment in the mezzanine tranche of Monte dei Paschi's €25bn non-performing loan securitisation. The transaction is a crucial part of the restructuring plan that was agreed with European authorities last July and a breakthrough that is expected to boost NPL securitisation deal flow (SCI 5 July 2017).

    Quaestio paid €805m in exchange .......

    News 11 January 2018

  • NPL acquisition target achieved

    Banca IFIS has closed two new Italian NPL transactions totalling around €200m. The latest transactions bring the bank's NPLs under management at end-2017 to over €13bn, while confirming €5bn in total expected NPL acquisitions for 2017.

    Banca IFIS targeted €5bn in NPL acquisitions for the year 2017. This follows the implementation of its 2017-2019 strategic plan - approved in March .......

    News 4 January 2018

  • Job swaps round-up - 22 December

    CDS options clearing

    LCH's CDSClear has become the first platform to clear credit index options, with post-trade services for both dealer-to-dealer and dealer-to-client flows provided by MarkitSERV. The service is expected to benefit members and clients in a number of ways, including full cross-margining of options with indices and single-name CDS, multilateral netting from facing a single counterparty (LCH) and .......

    Job Swaps 22 December 2017

  • Sharp rise in Italian NPL ABS expected

    Italy is set to see a jump in GACS-eligible securitisations in 2018, potentially totalling €40bn-€45bn in gross book value of sold non-performing loans, compared with €8bn this year. Scope Ratings suggests that should Banca Monte dei Paschi di Siena NPL ABS not close next year, GACS-eligible securitisations in the jurisdiction should still double 2017's total.

    Scope anticipates that Italy will .......

    News 21 December 2017

  • PPC benchmark securitisation pending

    Finacity has been awarded the role of securitisation advisor on behalf of Greece's Public Power Corporation (PPC). The move is expected to pave the way for the first Greek securitisation for a corporate entity and establish a benchmark for other non-performing loan transactions.

    A consortium led by Finacity and Qualco has been tasked with enhancing PPC's working capital and managing .......

    News 19 December 2017

  • NPL expansion accelerates

    Banca IFIS has closed two disposals totalling €336m of retail and corporate non-performing loans. The transactions coincide with a significant expansion of the bank's NPL division, which is currently shifting its focus to the salary-backed loan market.

    Through 2017 Banca IFIS raised the target for NPL acquisitions to €5bn. This follows the implementation of its 2017-2019 strategic plan - approved .......

    News Analysis 15 December 2017

  • Directive to reform NPL landscape

    The EBA has this week published further draft technical standards and guidelines relating to the updated payment services directive - PSD2 - which comes into effect next month. PSD2 will significantly affect the volume and management of European NPLs.

    The EBA's latest final draft technical standards cover both the future EBA register under PSD2 and central contact points under the .......

    News Analysis 15 December 2017

  • Job swaps round-up - 15 December

    North America

    Angelo, Gordon has promoted Josh Baumgarten and Adam Schwartz to the roles of co-cio, active 1 January, 2018. Baumgarten is currently deputy cio at the firm while Schwartz is currently head of the company's real estate group in the US and Europe. Michael Gordon will continue in his role of ceo and co-cio.

    Lee Shaiman has been hired as .......

    Job Swaps 15 December 2017

  • Confidence boost for synthetic NPL deals

    A recent Ashurst survey notes that securitisation may prove to be the most prevalent method of non-performing loan resolution in Greece in the early years of the market, given the established infrastructure for this type of transaction. Indeed, NPL investors rank Greece in their top-two southern European target investment countries for the next 12 months.

    According to the survey results, .......

    News Analysis 8 December 2017

  • Fino phase two initiated

    UniCredit has closed Fino 1 Securitisation, marking the beginning of phase two of Project FINO, its plan to sell down a portion of the retained exposure relating to a €17.7bn portfolio of non-performing loans (SCI passim). The lender can now apply for the Italian GACS guarantee and sell the senior notes to investors, a first for GACS senior notes.

    The .......

    News Analysis 30 November 2017

  • Hurdles remain for Chinese ABS

    Chinese securitisation issuance reached RMB808bn in aggregate from 425 transactions last quarter, up from RMB498bn from 318 deals as of 3Q16, according to Fitch. However, while the domestic ABS sector may be growing, the market is unlikely to reach full maturity until it becomes truly cross-border.

    Jeffrey Chen, partner and head of structured finance at Dentons, Hong Kong, says that .......

    News Analysis 28 November 2017

  • Provisioning differences highlighted

    UniCredit and Intesa Sanpaolo recently revealed differences over the ECB's provisioning guidelines, with the spotlight falling on non-performing loan recovery mechanisms. Speaking at IMN's Investors' Conference On Italian & European NPLs, representatives from the lenders also discussed their NPL strategies going forward.

    Carlo Viola, head of strategies and solutions at Intesa Sanpaolo, observed: "Automatic provisioning has to take into account .......

    Talking Point 27 November 2017

  • Job swaps round-up - 24 November

    EMEA

    Alvin Wong has been hired as director at United Overseas Bank (UOB). Previously he was svp at DBS bank where he was involved in structured finance and securitisation transactions.

    North America

    Ally Financial has hired Josh Wilsusen as md for public policy and government affairs. Wilsusen was previously at Morgan Stanley where he was executive director of government relations and .......

    Job Swaps 24 November 2017

  • NPL secondary 'needs AMC blueprint'

    The European Commission has confirmed progress on NPL secondary markets. It has highlighted the creation of NPL secondary markets through improved data standardisation as well as work towards a blueprint for an asset management company (AMC).

    Speaking at a recent conference on Italian and European NPLs, European Commission financial services and capital markets union director Mario Nava noted that standardisation .......

    News Analysis 21 November 2017

  • NPL equity acquired

    Hedge fund Elliott Management has acquired an equity piece in Attica Bank's non-performing loan securitisation, reducing the exposure of Aldridge EDC, the original investor (SCI 7 July). Details of the transaction have not been disclosed, but local industry sources and growing momentum in the Greek NPL market, suggest that Elliott coveted exposures to Greek assets.

    Aldridge paid €70m for the .......

    News Analysis 10 November 2017

  • Job swaps round-up - 3 November

    EMEA

    The Carlyle Group is set to reorganise its executive leadership, effective from 1 January 2018. Deputy cio Kewsong Lee and president/coo Glenn Youngkin will replace David Rubenstein and William Conway as co-ceos of the firm, while deputy cio Peter Clare will become co-cio alongside current cio Conway, with the trio also joining the board of directors. Rubenstein and Conway .......

    Job Swaps 3 November 2017

  • Secured exposures eyed

    The ECB's recent proposal regarding higher non-performing loan provisioning is expected to have a modest impact, in particular for unsecured loans. However, the provisioning backstop for secured exposures poses a challenge.

    According to DBRS, unsecured loans will be dealt a minimal blow by the ECB's proposal, since many jurisdictions already have standards in line with the central bank's approach. The .......

    News Analysis 1 November 2017

  • MPS loan appraisal pending

    Cerved Information Solutions, one of the largest Italian servicers, has been selected by Atlante II to manage nearly half of the non-performing loans backing Monte dei Paschi di Siena's (MPS) forthcoming €26bn securitisation (SCI 5 July). MPS can only receive the GACS guarantee for the senior tranche of the deal after a sound appraisal of the secured portion of the .......

    News Analysis 20 October 2017

  • Montepio NPL deal marketing

    A €142.5m Portuguese non-performing loan securitisation has hit the market. Dubbed Hefesto STC, the transaction is backed by a portfolio of secured and unsecured NPLs originated by Caixa Economica Montepio Geral.

    The majority of loans in the portfolio defaulted between 2011 and 2017 and are in various stages of the resolution process. The secured loans will be serviced by Whitestar .......

    News 19 October 2017
×