NPLs

  • S&P Global bolsters private markets offering

    Sector developments and company hires

    S&P Global has announced the acquisition of the private markets data solutions provider, Private Market Connect (PMC). The acquisition will integrate the platform into the firm’s market intelligence division and will increase the breadth and depth of its data solutions for Limited Partner and General Partner customers. PMC currently tracks over 15,000 unique funds and US$1.2trn in private markets commitments. .......

    Market Moves 31 August 2022

  • Germany's auxmoney secures €500m funding

    Sector developments and company hires

    The German digital-lending platform auxmoney has secured a further €500m in funding for investment into consumer loans on its platform from Citi and Natixis’ ABCP conduit. The digital-lending platform has been supported by investment from Citi since 2021, with this latest funding from the two large financial institutions expected to be used for the origination of new loans. The firm .......

    Market Moves 3 August 2022

  • NPL Markets reveals new partnership agreement

    Sector developments and company hires

    NPL Markets has announced a new partnership agreement with World Bank Group member, International Finance Corporation (IFC). The collaboration seeks to develop a greater and more efficient marketplace in South America to manage and trade performing loans, distressed, as well as other illiquid assets. Initially, the partnership will target the large markets of Brazil and Mexico, with hopes to explore .......

    Market Moves 2 August 2022

  • Expiration concerns

    Questions raised over the end of HAPS

    The Greek HAPS programme is set to expire in October, having helped to considerably reduce the non-performing exposures of the country’s systemic banks. However, there is concern that its expiration may be premature, given the possibility of future asset deterioration on bank balance sheets.

     “With the Russian invasion of Ukraine, high energy prices and possible energy bottlenecks, there is more .......

    News Analysis 13 July 2022

  • Changing the paradigm

    John Pellew, principal, distribution and securitisation at A...

    In isolation and in the absence of mitigating factors, non-performing loan and distressed assets are inherently high-risk investments, but that’s not the whole story.

    While it’s true that we are dealing with defaulted loans and distressed assets, these assets are not sold in isolation or single units, and they are not sold because they have no value. They .......

    Talking Point 23 June 2022

  • Opportunity knocks

    Debut RPL ABS could be first of many

    The first publicly rated European unsecured reperforming loan ABS hit the market in April. With Covid-induced moratoriums limiting the supply of non-performing loans, further such transactions could emerge, as debt purchasers with excess liquidity seek to deploy capital.

    Dubbed Wolf Receivables Financing, the transaction represents Lowell Financial’s debut public securitisation and is also the first UK RPL ABS .......

    News Analysis 8 June 2022

  • Portfolio progress

    Business model rethink continues apace

    The trend of banks rationalising their business models continues apace across Europe. This Premium Content article explores the role of securitisation in their portfolio optimisation efforts.

    The need for banks to fundamentally rethink their business models emerged post-financial crisis and continues still across Europe. Beyond disposals of non-performing assets, this entails focusing on core strategies and markets, ......

    News Analysis 25 May 2022

    Premium Content

  • Accelerating change

    NPL ABS evolution gathers pace

    Regulatory change in the European non-performing loan securitisation market has picked up speed over the last month, with the publication of the EBA’s final draft risk retention regulatory technical standards (RTS) (SCI 13 April) and the launch of an EBA consultation on draft implementing technical standards (ITS) in connection with NPL data templates (SCI 17 May). However, .......

    News Analysis 19 May 2022

  • Hellenic ABS inked

    Project Starlight package transaction agreed

    Hellenic Bank has agreed a package transaction involving the securitisation of the Starlight Portfolio – which comprises circa €1.32bn of non-performing exposures - and the sale of its servicing platform, APS Debt Servicer, to Oxalis Holding. Upon completion, the agreement will de-risk the bank's balance sheet by reducing NPEs by €720m, resulting in a residual NPE portfolio of circa .......

    News 11 April 2022

  • Dual shocks

    Securitisation well positioned to withstand headwinds

    The Covid-19 shock has been replaced by two others - war and worse-than-expected inflation (SCI 7 April). However, the securitisation market appears to be well positioned to withstand these headwinds.

    “We came into the year coming out of one shock – pandemic - only to be hit by two others: worse-than-expected inflation and now war. Those new shocks are .......

    News Analysis 8 April 2022

  • Barrow Hanley closes inaugural CLO equity fund

    Sector developments and company hires

    Barrow Hanley Global Investors has closed on its inaugural CLO equity fund – the Barrow Hanley CLO Fund I LP. The fund will be managed by the existing alternative credit team and follows the aims of the firm’s strategic partner, Perpetual Limited, to expand the product offering at Barrow Hanley. Perpetual, alongside employees at Barrow Hanley, have invested 35% of .......

    Market Moves 17 March 2022

  • Aligning interests

    Greek NPL market tipped for further growth

    Activity across the Greek non-performing loan market is gathering pace. New players are expected to enter the sector this year, with a further uptake seen under the HAPS programme.

    “There will be further uptake of HAPS – it has worked well to allow people to manage the size of investments that [they] made in the NPL space, so .......

    News Analysis 16 February 2022

  • Remarkable restructuring

    Re-tranched NPL ABS set to benefit from GACS

    Intesa Sanpaolo last month completed the first restructuring of an Italian non-performing loan securitisation seeking to benefit from the GACS guarantee. Dubbed Penelope SPV, the deal also marks another first for Italian NPL transactions as, at the time of the assignment of ratings, some properties had already been acquired by the associated ReoCo.

    “Penelope SPV is unusual because .......

    News Analysis 25 January 2022

  • Community-focused RMBS prepped

    Sector developments and company hires

    Community-focused RMBS prepped

    Change Lending is in the market with its inaugural RMBS – the US$297.26m CHNGE Mortgage Trust 2022-1. Change is certified by the US Treasury as a Community Development Financial Institution (CDFI). As such, the firm is required to lend at least 60% of its production to certain target markets, including low-income borrowers or other underserved communities.

    The .......

    Market Moves 21 January 2022

  • Junior tranche guaranteed

    Sector developments and company hires

    Junior tranche guaranteed

    The EIB Group and Banco BPM have joined forces to support the working capital requirements and investments of Italian SMEs hit by the Covid economic crisis. In the first operation of this type in Italy, the EIB and the EIF will provide a guarantee of €91m on a junior tranche of a synthetic securitisation that references a portfolio of .......

    Market Moves 20 January 2022

  • Greek NPL JV agreed

    Sector developments and company hires

    Mount Street Group has received regulatory approval from the Bank of Greece to form a strategic partnership with Technical Olympic, a real estate, construction, shipping and investment group. The joint venture is effectuated through Technical Olympic’s subsidiary, PFC Premier Finance Corporation (Cyprus), and will pursue investment and co-investment non-performing loan opportunities in the real estate, shipping, infrastructure, renewable energy, hospitality .......

    Market Moves 13 January 2022

  • Greek SRT finalised

    Alpha Bank closes capital relief trade

    Alpha Bank has completed a €145m synthetic securitisation that references a €1.9bn portfolio of Greek corporate and SME loans. The transaction is the third Greek significant risk transfer trade and the first Greek SRT involving multiple investors.

    Indeed, CRC, Anacap and the EBRD all invested in the deal. The EBRD put down €10m of credit protection, but CRC bought the .......

    News 20 December 2021

  • New trends

    Italian NPL ABS capture coronavirus exposures

    Over the medium term, Italian NPL securitisations will capture loans that have defaulted since the outbreak of the pandemic. They will be different compared to pre-pandemic portfolios featuring loans with low seasoning, at early stages of legal proceedings and with increased concentrations.

    According to a new report by Scope Ratings, banks will securitise low-seasoned NPLs, as portfolios will include new .......

    News 15 December 2021

  • UK review released

    HMT 'broadly supportive' of securitisation market

    The UK government has published its report on the review of the securitisation regulation (SCI 28 June), which outlines specific areas of the regime that HM Treasury may revisit to ensure it “best delivers” for the UK securitisation market. The report appears to be broadly supportive of the industry - although notably isn’t supportive of extending the public .......

    News 14 December 2021

  • Perfect harmonisation?

    Transparency and standardisation key to EU NPL initiatives

    Although fears of a Covid-induced wave - or a tsunami even - of European non-performing loans (NPLs) has dissipated for now, caution and vigilance still appear to dominate the sector. A regulatory approach towards increased transparency and harmonisation of the secondary market for NPL transactions should, however, facilitate more efficiency across the sector.

    “The European Commission has tried .......

    News Analysis 9 December 2021

  • Positive prospects?

    CRE tops Stage Two allocations

    Commercial real estate loans were allocated the largest share of Stage Two classifications, according to the latest EBA data. This coincides with an overall growth in Stage Two allocations following the coronavirus crisis, as well as a boost in significant risk transfer transactions backed by Stage Two exposures and commercial real estate.

    According to the EBA’s latest risk .......

    News 8 December 2021
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