Portuguese banks close in on NPL targets with latest public deal
Caixa Economica Montepio Geral, the bank holding company, has mandated JP Morgan to arrange its third public NPL securitization, with the Portuguese lender closing in on getting its non-performing exposures (NPE) below the 10% mark.
Gaia Finance ABS has a gross book value of €234.3m and an unpaid principal balance of €206.6m. The pool consists of defaulted secured and unsecured loans, with under half of the defaulted pool comprising secured loans backed by residential, commercial and industrial properties in Portugal, leaving approximately €138.3m
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