GACs scheme questioned as Intesa opts for loan sale over ABS
Monte dei Paschi, UniCredit and Intesa will push ahead with non-performing loan sales after Sunday's Italian referendum result, but political turmoil and the slow pace of the government’s GACs guarantee scheme could lead to changes in the way NPL sales are structured.
The reaction of the asset backed securities market to Sunday’s Italian referendum result was, as in the Italian bank debt market, muted. One ABS trader reported slightly lower bids than before the referendum, but was not expecting offers to be lowered in light of the result.This is ...
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