First senior NPL ABS of recent years tempts five new investors

By Owen Sanderson
14 Feb 2020

The first fully public syndicated sale of senior ABS backed by Italian non-performing loans in recent years has tempted five new investors to buy into the NPL asset class. Ten buyers were allocated bonds in the landmark deal, Futura 2019.

NPL securitization in Italy has a long history, going back to the late 1990s, but in recent years since Italy's banking stress of the past five years, almost all Italian NPL deals have been financed under the GACS scheme. This provides a state guarantee for the senior tranche, ...

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