NPLs

  • Belgian SME deals 'strong performers'

    Deals that are backed by loans to Belgian small businesses should emerge as one of the strongest performers in the European ABS market, says Moody's. This is due to both growth and deleveraging of such entities, which has improved their profit margins.

    "Better financing conditions are helping business investment," explains Monica Curti, a Moody's vp and senior credit officer. "It's .......

    News Round-up 22 February 2016

  • Italian NPL losses to be recognised?

    The Italian government's guarantee of senior notes under its NPL securitisation proposal (SCI passim) is expected to facilitate increased lending by Italian banks. However, banks may also have to recognise losses if sales to SPVs are made at a discount, Moody's notes.

    The proposal will allow banks to securitise their non-performing loans, subject to certain conditions. The structure must be .......

    News Round-up 17 February 2016

  • Fourth set of FNMA NPLs sold

    Fannie Mae has revealed the winning bidders from its fourth NPL sale, which included 6,500 loans totalling US$1.32bn. The winners were Canyon Partners for the first pool, Pretium Mortgage Credit Partnerns I Loan Acquisition for the second pool and Goldman Sachs for both the third and fourth pools.

    The GSE began marketing the loans last month (SCI 14 January). The weighted average sale .......

    News Round-up 12 February 2016

  • Creval offloads NPLs

    Creval Group has agreed to sell a €314m securitisation of secured and unsecured NPLs to Credito Dondiario. The sale of the Cerere portfolio is the first significant shifting of NPLs off Creval's books as part of its medium-term NPL management plan.

    The portfolio's loans are broken down into 44% secured and 56% unsecured assets and are equal to approximately 11% .......

    News Round-up 3 February 2016

  • Italian valuation gap highlighted

    A decree formalising the Italian treasury's €200bn NPL plan (SCI 28 January) is expected shortly. Moody's suggests in its latest Credit Outlook publication that the proposed state guarantee will improve the rating and liquidity of the senior tranches, facilitating both the placement of the senior tranches with investors and the deconsolidation of bad loans from the books of Italian banks. .......

    News Round-up 2 February 2016

  • Catalonia law irks NPL buyers

    A new Catalonian law on housing emergencies could deter potential purchases of Spanish mortgage NPLs, suggests Moody's. As a result, the adverse effects of Catalonian law 24/2015 may see fewer NPLs included within RMBS pools.

    "Under the new law, private equity firms and hedge funds that buy NPL pools at high discounts could lose their benefit," says Alberto Barbáchano, a .......

    News Round-up 1 February 2016

  • Law firm promotes SF pros

    Cadwalader has elected new partners and made promotions to special counsel, with a number of structured finance and credit derivatives lawyers rising through the ranks. These include Dorothy Mehta, Bonnie Neuman, Amy Ray, Kahn Hobbs and Nathan Spanheimer.

    Mehta is based in New York. She is a partner in the firm's financial services group and a leader in its investment management .......

    Job Swaps 28 January 2016

  • NPL guarantee hailed

    The Italian government is set to introduce rules establishing a guarantee mechanism, dubbed Garanzia Cartolarizzazione Sofferenze (GACS), to facilitate the transfer of non-performing loans from the books of commercial banks to securitisation vehicles. The move has been welcomed as a positive step towards clearing the country's overhang of NPLs, but uncertainty remains over the transfer prices to be used.

    Under .......

    News 28 January 2016

  • Fresh Freddie NPL sales scheduled

    Freddie Mac is marketing its latest NPL offering, an auction of US$1.6bn in seasoned non-performing residential home loans held in its mortgage investment portfolio. The loans are currently serviced by Nationstar Mortgage.

    The NPLs are being marketed via seven pools. Of these, five will be geographically diversified standard pool offerings (SPO) and two will be geographically concentrated extended timeline pool .......

    News Round-up 27 January 2016

  • Fannie to offload more NPLs

    Fannie Mae has announced another sale of NPLs, including a second community impact pool. The community impact pool is a geographically-focused, high-occupancy pool being marketed to encourage participation by smaller investors, non-profits and minority-owned businesses.

    The four larger pools contain approximately 6,700 loans totalling US$1.35bn in unpaid principal balance. The community impact pool has around 60 loans from the Miami .......

    News Round-up 14 January 2016

  • NPL pro recruited

    Crayhill Capital Management has appointed Thomas Wickwire as md in its New York office. He will serve as a key member of the firm's investment team and help source, underwrite, structure, manage and exit asset-based investment opportunities, particularly in the real asset space. Specifically, he is tasked with identifying mispriced opportunities with attractive fundamental, regulatory or technical dynamics.

    Wickwire brings .......

    Job Swaps 8 January 2016

  • Bank sheds large NPL portfolio

    Banca Monte dei Paschi di Siena (BMPS) has sold a non-performing loan portfolio to Epicuro SPV, a securitisation vehicle financed by affiliates of Deutsche Bank. The portfolio is composed of just under 18,000 borrowers, with a total book value of around €1bn.

    The loans are mainly unsecured and related to corporate counterparties, with the majority having become non-performing before 2009. .......

    News Round-up 5 January 2016

  • Remits ramp up

    November saw a spike in US CMBS 2.0 remittance activity. Highlights include foreclosure of an 'oil boom' loan and a couple of maturity extensions.

    Twelve loans totalling US$128.89m became newly delinquent last month, including three 2015 vintage loans (with two from JPMBB 2015-C3), according to Morgan Stanley. Additionally, two loans were classified as non-performing matured - the US$24m Woodlands Square .......

    News 10 December 2015

  • Latest SPO sale completed

    Freddie Mac has sold via auction 5,311 deeply delinquent non-performing loans (NPLs) serviced by Wells Fargo from its mortgage investment portfolio as part of its standard pool offerings (SCI 10 November). The transaction is expected to settle in February, after which servicing will be transferred.

    The loans have been delinquent for around three years and have an aggregate loan-to-value ratio .......

    News Round-up 9 December 2015

  • NPL, RPL RFC issued

    Moody's is requesting feedback on proposed changes to its methodology for rating securities backed by non-performing loans (NPL) and re-performing loans (RPL). The proposed changes consolidate the approaches the rating agency has used to rate RMBS of NPLs and RPLs into a single methodology.

    The proposed methodology would not result in any rating changes, says Moody's. Market participants are invited .......

    News Round-up 25 November 2015

  • Winning NPL bidders named

    Fannie Mae has announced the winning bidders for its third non-performing loan (NPL) sale of approximately 7,000 loans totalling US$1.24bn in unpaid principal balance (UPB), divided among three pools (SCI 12 October). The winning bidders for the transaction - which is expected to close on 17 December - are Fortress (New Residential Investment Corp) for pools one and two, and .......

    News Round-up 18 November 2015

  • CMBS payoff rate climbs

    October's payoff rate for loans backing US CMBS rose from 84.3% in September to 86% in October, according to Morningstar. October was the fourth consecutive month where more than US$6bn was due for repayment.

    US$6.21bn was due for repayment last month, of which US$5.29bn was repaid in full. The month's performance bumped the year-to-date maturity payoff rate up by 10bp, .......

    News Round-up 13 November 2015

  • Cerberus set to buy Granite

    UKAR will sell £13bn of loans previously held on Northern Rock's legacy book to Cerberus Capital Management, £12bn of which lies in the Granite securitisation vehicle. The sale ends months of speculation regarding the winning bidder and the potential scenarios the portfolio could face (SCI passim).

    "The sale, which raises £13bn for the British taxpayer, is the largest ever sale of financial assets .......

    News Round-up 13 November 2015

  • Freddie auctions more NPLs

    Freddie Mac is marketing its latest NPL offering - US$1.2bn in deeply delinquent loans from the GSE's mortgage investment portfolio. The latest auction is the eighth to be held by Freddie Mac.

    The NPLs are being marketed via seven pools: five geographically diversified standard pool offerings (SPO) and two geographically concentrated extended timeline pool offerings (EXPO). The latter offerings target participation by smaller investors, including non-profits .......

    News Round-up 10 November 2015

  • NPL provisioning guidance welcomed

    Brazil's capital markets regulator Comissão de Valores Mobiliários (CVM) recently released guidance to trustees and auditors of fundos de investimentos em direitos creditórios (FIDCs) on procedures to determine non-performing loan (NPL) provisioning levels. Moody's notes in its latest Credit Outlook publication that the move is credit positive for senior tranches of securitisations because it will divert more collateral cashflow to .......

    News Round-up 19 October 2015

  • Retail pay-off exposure highlighted

    Approximately US$3.7bn within Fitch's US CMBS loan universe is still scheduled to mature through the remainder of 2015, with an additional US$47bn scheduled in 2016 and US$65bn in 2017. Collateral backed by retail properties accounts for a large proportion of loans due to mature, as well as loans defaulting at their 2015 maturities.

    As of October 2015, approximately US$2.4bn, US$7.1bn .......

    News Round-up 19 October 2015
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