NPLs

  • 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

  • NPL platform to boost recoveries

    The creation of a non-performing loan platform by Portugal's three largest banks - Caixa Geral de Depósitos (CGD), Banco Commercial Português (BCP) and Novo Banco (NB) - is expected to speed up recovery processes. However, the impact on the three banks' asset quality is likely to be limited.

    According to DBRS, the NPL platform is a "positive, but small step, .......

    News Analysis 13 October 2017

  • Specialised financing vehicles introduced

    The latest reform of the French finance sector introduces a new category of financing vehicle that is expected to benefit both classic securitisation and risk transfer structures. The reform - the first phase of which is due to be finalised in January 2018 - also expands the legal tools available to French banks for refinancing their loan exposures.

    The reform .......

    News 11 October 2017

  • Rating agency opens in Europe

    KBRA has opened its first European office, located in Dublin, Ireland, and intends to expand into further jurisdictions (SCI passim). Several new hires and some existing staff will support the European effort, which will have a concerted focus on infrastructure and aviation securitisation, along with traditional core business areas.

    Kate Kennedy, senior md at the rating agency, comments: "With the .......

    News 5 October 2017

  • NPL coverage guidance strengthened

    The ECB has launched a public consultation on a draft addendum to its guidance on non-performing loans, under which banks will be expected to provide full coverage for newly classified NPLs. The new rule aims to reinforce guidance with regards to fostering timely provisioning and write-off practices.

    The addendum specifies quantitative supervisory expectations for minimum levels of prudential provisions for .......

    News 4 October 2017

  • Rated RPL deal debuts

    Chimera Investment Corp is marketing its first rated re-performing loan RMBS, dubbed CIM Trust 2017-7. The US$512.45m securitisation is backed by 3,548 seasoned performing and re-performing first-lien mortgage loans, with US$34.4m of the pool balance comprising non-interest bearing deferred principal amounts.

    Fitch and DBRS have assigned provisional ratings to the transaction of AAA/AAA on the US$264.17m class A notes, AA/AA .......

    News 2 October 2017

  • ReoCos boost Italian NPL prospects

    The Italian parliament recently approved new amendments to the Italian securitisation law, aimed at improving recoveries of non-performing loans and at facilitating disposals of NPLs by banks, including non-performing lease receivables. Along with a stronger macroeconomic environment, the measures are expected to help boost the liquidity of real estate asset disposals.

    Under the amendments - which were introduced in June .......

    News Analysis 28 September 2017

  • EBA releases SRT discussion paper

    The EBA has released its significant risk transfer (SRT) discussion paper, the main elements of which were outlined last month (SCI 18 August), and has launched a public consultation on its contents. The banking watchdog wishes to further harmonise the regulation and supervision of risk transfer through securitisation.

    SRT in securitisations allows originators to achieve regulatory capital relief. The EBA's .......

    News 20 September 2017

  • Cohen and Co adds to Ukrainian NPL deal flow

    Erste Group Bank has successfully sold a Ukrainian portfolio, consisting of €240m of corporate loans and €95m of commercial real estate (CRE), at a significant discount to nominal value. The transaction comes at a time when investor interest in Ukraine is gaining traction (SCI 25 August).

    The portfolio sale was facilitated by Exito Partners and Cohen & Co. The investor .......

    News Analysis 8 September 2017

  • Swap solution for Cyprus NPLs

    Cypriot banks are increasingly using debt-to-equity and debt-to-asset swaps to reduce their non-performing loan portfolios, facilitating deal flow in a relatively dormant market. For investors, the swaps are also a useful tool for bridging the gap between bid and ask prices.

    Debt-to-asset swaps enable borrowers to swap ownership of assets - usually mortgaged assets - in exchange for a reduction .......

    News Analysis 5 September 2017

  • Ukrainian NPL sales gain traction

    DebtX is set to facilitate the largest Ukrainian NPL portfolio sale next month, signalling a growing shift in sentiment by international investors in the country's NPL market. The US$240m commercial loan pool is secured by assets that are representative of the market as a whole, including resorts, supermarkets, agricultural operations and logistics.

    "The government has been testing the market with .......

    News Analysis 25 August 2017

  • NPL auction model highlighted

    Online platform Debitos welcomes the European Commission's public consultation on the development of a secondary market for non-performing loans (SCI 11 July). The platform's auction process offers a potential model for dealing with Europe's NPL overhang by narrowing the bid/ask gap.

    Debitos founder and md Timur Peters sees the consultation as a confirmation of his business concept. "It's about the .......

    News Analysis 23 August 2017

  • Chinese NPL collections surveyed

    Collections for most Chinese non-performing loan securitisations have outpaced originators' initial projections, as of June 2017, according to a Moody's analysis of trustee report data. The study suggests that while originators of unsecured consumer NPL deals are the most optimistic about collections, the expense ratio for these transactions is the highest.

    For the purposes of the analysis, Moody's classified 15 .......

    News 15 August 2017

  • Job swaps round-up - 11 August

    North America

    John DiRocco has joined CIFC as coo, overseeing non-investment functions, as well as the expansion of the firm's investment product offerings in the US and internationally. DiRocco previously served as coo and a founding member of Reef Road Capital, and before that was at Citadel Investment Group and Paloma Partners. He will be based in New York and ......

    Job Swaps 11 August 2017

    Premium Content

  • Job swaps round-up - 4 August

    North America

    Hunton & Williams has promoted a pair of litigation lawyers with securitisation experience to counsel, based in New York. Michael Kruse focuses his practice on complex commercial litigation relating to financial services and structured finance. Robert Rich focuses primarily on representing corporate debtors, secured and unsecured creditors, indenture and securitisation trustees, lessors and other parties in interest in .......

    Job Swaps 4 August 2017

  • NPL servicer breaks new ground

    Alvarez and Marsal has established the first independent business loan servicing company in Greece. Named Independent Portfolio Management (IPM), the fully owned subsidiary has been granted a servicer license by the Bank of Greece for the management of claims from loan and credit facilities in accordance with the local legal and regulatory framework.

    "IPM is not a captive servicer owned .......

    News 2 August 2017

  • Self-cert 'drafting error' unlikely to stand

    A recent amendment to Article 17 of the new European securitisation regulations would ban self-certified mortgages from all new securitisations, sparking concern about the impact this might have on the European RMBS sector. However, the clause appears to be a drafting error and is expected to be corrected before the final rules are implemented.

    Rob Ford, partner and portfolio manager .......

    News Analysis 27 July 2017

  • Job swaps round-up - 21 July

    Acquisitions

    BGC Partners     has acquired commercial real estate finance company Berkeley Point Financial for US$875m, subject to certain adjustments at closing. Berkeley Point focuses on the origination and sale of multifamily and other CRE loans through government-sponsored and government-funded loan programmes, as well as the servicing of CRE loans, including those it originates. The company is set to become part of .......

    Job Swaps 21 July 2017

  • Inaugural NPL ABS launched

    Credit Valtellinese and Credit Siciliano have tapped the market with their first Italian non-performing loan securitisation. Dubbed Elrond NPL 2017, the €526.6m transaction is backed by an NPL portfolio with a gross book value (GBV) of €1.405bn, of which €30.8m is cash in court.

    The collateral comprises loans extended to 3,682 defaulted borrowers and is a mix of secured residential .......

    News 14 July 2017

  • Servicer consolidation boosts NPL recoveries

    The Italian servicing industry is experiencing a strong growth trend. Italian non-performing loan recoveries are expected to benefit as a result.

    Sources agree that growth in the servicing industry is the trend with the most positive impact on Italian NPL recoveries, given the widening of the scope of servicer activities and the growth in the volume of servicer-managed NPLs. Many .......

    News Analysis 13 July 2017

  • NPL secondary market impediments eyed

    The European Commission has launched a public consultation regarding initiatives to facilitate the development of a non-performing loan secondary market. Together with gathering targeted input on improving loan transfers and servicing activities, the consultation introduces a potential new instrument - dubbed the accelerated loan security - that aims to increase the protection of secured creditors from borrower defaults.

    Removing impediments .......

    News 11 July 2017
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