Innovative Montepio deal could spark NPL securitization boom

A debut Portuguese non-performing loan securitization attracted a raft of new investors and gave the issuer better execution compared with bilateral trades, which is likely to encourage a wave of new NPL deals across peripheral Europe, according to ABS sources.

  • By Bill Thornhill
  • 08 Nov 2017

The outlook for securitizations of non-performing loans from Portugal, Italy and eventually Greece has never looked better with the pricing of Caixa Económica Montepio Geral’s Évora transaction last Friday, which breathed confidence into the outlook for this market.

Over 30 investors were involved in the €172m transaction which was secured ...

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GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 7,026 25 11.95
2 Citi 6,449 21 10.96
3 BNP Paribas 5,093 18 8.66
4 Barclays 4,040 11 6.87
5 Lloyds Bank 3,615 14 6.15

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 13,091.24 36 12.23%
2 Bank of America Merrill Lynch 10,472.90 27 9.79%
3 Wells Fargo Securities 9,632.91 31 9.00%
4 JPMorgan 9,162.38 30 8.56%
5 Credit Suisse 4,676.43 10 4.37%