NPLs

  • SF department launched

    Gattai Minoli Agostinelli & Partners has launched a structured finance department. It will be run by four new hires - all from Legance - and signals the continuation of the Italian firm's expansion into new practice areas.

    The department will be headed up by Emanuela Campari Bernacchi, who will be an equity partner, and will work alongside senior associate Valentina Lattanzi .......

    Job Swaps 1 September 2016

  • Colony offloads NPLs

    Colony Starwood Homes has sold a US$266m portfolio of 1,675 NPLs to an affiliate of Starwood Capital Group. The completion of the sale is a major step towards the REIT's exit from the NPL business.

    The portfolio was auctioned with the assistance of Credit Suisse, following the recent joint venture between Colony and Prime Asset Fund VI, in which Colony has been using Prime to conduct .......

    News Round-up 31 August 2016

  • NPL RMBS tranche pays off

    The first Fitch-rated post-crisis RMBS tranche backed partly by NPLs has paid off. The single-A rated US$35m class A1s in Mortgage Fund IVc Trust 2015-RN1 paid off in full this month, ten months after the transaction closed in October 2015.

    At issuance, roughly one-third of the mortgage loan pool was 90 or more days delinquent or in foreclosure, with an .......

    News Round-up 30 August 2016

  • NPL RMBS approach finalised

    Fitch has finalised its approach for rating RMBS backed by non-performing loans, which leverages its US RMBS seasoned and re-performing loan criteria with respect to loan file documentation, due diligence review scope and sample size, and representations and warranties. However, due to the idiosyncratic and adverse-selection risk, the agency applies a rating cap of single-A to NPL RMBS and expects .......

    News Round-up 15 August 2016

  • NPL sales exceed 2015 levels

    Sales of European NPLs and non-core assets (NCAs) stand at €112bn of completed and ongoing deals at the end of 1H16, says Deloitte. This already exceeds the €104.3bn for all of 2015.

    Activity has been driven by increased loan sale transactions in continental Europe, particularly in Italy and central and eastern Europe. There has been €14.4bn in completed deals from .......

    News Round-up 12 August 2016

  • BPB deal rated

    Banca Popolare di Bari (BPB) has closed its much-anticipated NPL securitisation, becoming the first bank to make use of the Italian government's GACS guarantee scheme (SCI 30 March). The €150.54m Popolare Bari NPLs 2016 deal is backed by assets with a gross book value (GBV) of €471m and €8.8m of collections.

    Rated by Moody's, the transaction comprises €126.5m Baa1 rated .......

    News Round-up 12 August 2016

  • NPL renaissance

    €9bn Italian ABS provides fresh impetus

    Banca Monte dei Paschi di Siena (MPS) announced last week that it plans to offload its entire portfolio of sofferenze (bad debt) loans into a securitisation vehicle. The move is a significant landmark in the recovery of the Italian non-performing loan ABS market, which the national government has worked hard to revive.

    Banca d'Italia figures put total Italian NPL volume .......

    News Analysis 5 August 2016

  • Spanish NPL portfolios purchased

    Bain Capital has acquired three Spanish NPL portfolios for €1.15bn, extending the firm's holdings to six Spanish portfolios. The purchases include a €415m pool from Banco Sabadell, which comprises defaulted first-lien bilateral Spanish loans to real estate developers, primarily secured on residential and commercial real estate assets.

    The largest purchase is a €511m portfolio from Grupo Cooperativo Cajamar, which holds .......

    News Round-up 4 August 2016

  • CMBS delinquencies move up again

    Trepp's US CMBS delinquency rate moved higher for the fifth straight month in July to 4.76%, an increase of 16bp from June. The rate is now 61bp above its multi-year low of 4.15%, which was reached in February of this year.

    In July, CMBS loans that were previously delinquent but paid off with a loss or at par totalled about .......

    News Round-up 3 August 2016

  • Debut sale for structured loans

    Freddie Mac has completed its first-ever structured loan sale following the auction of a US$198.9m pool of 846 seasoned loans. Chimera Investment was the winning bidder for the JPMorgan-serviced loans, marking the beginning of Freddie's expansion of its re-performing loan securitisation and NPL sales programmes.

    The transaction is expected to settle in October, after Freddie began marketing the transaction to potential bidders on .......

    News Round-up 27 July 2016

  • NPL policy options offered

    The EBA says that the revival of the EU market for securitisation may widen the range of options that banks could consider for addressing their non-performing loans. In a new report on recent trends in asset quality across the region's banking sector, the authority stresses the need for supervisory guidance in tackling NPLs, particularly in collateral valuation and arrears management.

    News Round-up 25 July 2016

  • Deal agents to benefit weaker RMBS

    The inclusion of deal agents is credit positive for future US RMBS transactions, Moody's says. Deal agents should strengthen the integrity and servicing quality of all transactions, but deals with weak collateral will benefit the most.

    Under the Private Label Securitization (PLS) Initiative working group's proposal, deal agents would have a broader role and higher standard of care than other .......

    News Round-up 21 July 2016

  • Fragile China

    NPL deals expose country's wider debt issues

    Non-performing loan securitisations ended an eight-year hiatus in China in late May when Bank of China (BOC) and China Merchants Bank (CMB) both issued new deals. Both transactions have been deemed a success by market participants, but also highlight profound, underlying fears around the economy's exposure to poor quality loans.

    Chinese authorities have this year amped up their push towards .......

    News Analysis 19 July 2016

  • FNMA completes NPL sale

    Fannie Mae has completed its sixth NPL sale, this time consisting of around 9,300 loans totalling US$1.5bn in unpaid principal balance, divided among six pools. The winning bidders are LSF9 Mortgage Holdings and PRMF Acquisition, with each submitting winning bids for three pools.

    The loan pools consist of Group 1 and Group 2 pools. The Group 1 pools have an .......

    News Round-up 15 July 2016

  • CMBS delinquencies ratchet up

    Trepp's US CMBS delinquency rate took a significant jump up in June, as a number of loans reached their maturity date but were paid off. After the first two months of 2016 saw a drop in delinquencies, the rate has now crept up four months in a row.

    The delinquency rate for US CMBS loans now stands at 4.6%, but remains .......

    News Round-up 6 July 2016

  • GSE NPL programmes 'favourable'

    The US FHFA has released its first report covering the progress and results from Fannie Mae and Freddie Mac's NPL sales programmes. As of the end of May, the GSEs have sold over a combined 41,600 NPLs with a total unpaid principal balance of US$8.5bn.

    The NPLs had an average delinquency of 3.4 years and an average current LTV ratio .......

    News Round-up 4 July 2016

  • Freddie starts RPL sales

    Freddie Mac is offering its first structured sale of seasoned loans by offloading a US$199m pilot deal from its mortgage-related investment portfolio. The collateral consists of option adjustable-rate mortgages or similarly originated loans that have since been modified under a HAMP or proprietary modification.

    The two-step process will first involve the sale upon the result of a competitive bidding process, subject .......

    News Round-up 30 June 2016

  • NPL sale announced

    Fannie Mae has announced its latest sale of non-performing loans, including the fourth community impact pool that it has offered. The two larger pools of approximately 3,300 loans totalling US$526.1m in unpaid principal balance and the Miami-focused community impact pool of approximately 90 loans totalling US$20.1m in UPB are available for purchase by qualified bidders.

    Bids are due on the .......

    News Round-up 17 June 2016

  • Legislation to support Italian SME NPLs

    Moody's says that recent legislative initiatives in Italy should benefit SME NPL securitisations in the country through streamlining the insolvency process and improving loan recoveries. The issuance of SME NPL ABS is expected to re-emerge in Italy in 2016 after nearly ten years of dormancy.

    The Italian government outlined its intent earlier this year to introduce rules establishing a guarantee .......

    News Round-up 14 June 2016

  • Firm launches third credit fund

    AnaCap Financial Partners has closed its third credit fund after initially upsizing it on investor oversubscription. The AnaCap Credit Opportunities III fund holds a €595m mandate to target performing, semi-performing or non-performing credit assets that primarily comprise consumer, SME and mortgage debt across Europe.

    The fund is approximately 30% larger than its predecessor vehicles and was upsized from an original .......

    News Round-up 6 June 2016

  • Freddie NPL auction results announced

    Freddie Mac has sold a further US$130.2m of deeply delinquent NPLs via auction. The 487 loans are serviced by JPMorgan and the transaction is expected to settle in August, with servicing transferred post-settlement.

    The loans were offered for auction last month (SCI 13 May) and have been delinquent for an average of around three and a half years. Due to .......

    News Round-up 3 June 2016
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