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  • Piraeus covers capital raise to clean up NPL portfolio

    Piraeus covers capital raise to clean up NPL portfolio

    Piraeus Financial Holdings, the Greek holding company which owns Piraeus Bank, has launched a capital raise to give it the firepower needed to offload non-performing loans and has already secured enough demand on one morning of book-building to cover the deal.

  • UCI brings Spanish RMBS in hot market

    UCI brings Spanish RMBS in hot market

    UCI is bringing a Spanish RMBS, its second since a recent break from the market which ended in 2020, issuing a smaller deal this time but with a lower LTV portfolio. BNP Paribas and Santander are arranging the deal.

  • ‘Trench warfare’ as vultures swoop on Irish NPLs

    ‘Trench warfare’ as vultures swoop on Irish NPLs

    Private equity "vulture funds" are tightening their grip on Ireland after a Covid-19 parliamentary bill opened up more mortgages for repossession. But legal practitioners are working with non-profits to stop PE firms from “scraping the barrel” of defaulted mortgage debt.

  • Extension risk returns as Pimco skips RMBS calls

    Extension risk returns as Pimco skips RMBS calls

    Pimco has declined to call three RMBS issues where it is the option holder, despite broadly supportive marketplace conditions which would allow new financings to be structured and sold. Last year saw issuers including NewDay and TwentyFour skip call dates, due to the chaos wrought by the pandemic, which made a refi at reasonable spreads impossible. Missing a call for pure economic advantage, by contrast, is extremely rare in European securitization.

  • EU reboots NPL rules as bad debt looms

    EU reboots NPL rules as bad debt looms

    Long-awaited amendments to European securitization law come into force on Friday, which should make non-performing loans securitization easier at a time when bad debt levels are set to rocket. Tom Brown reports.

  • Revised Taxonomy will hinder green bonds

    Revised Taxonomy will hinder green bonds

    The European Commission’s draft Taxonomy for Sustainable Activities will stymie green bond issuance as it’s based on an unfair system that excludes mortgages on many countries’ most energy efficient buildings.

  • Paragon jumps ahead on phase-out of non-green BTL mortgages

    Paragon jumps ahead on phase-out of non-green BTL mortgages

    The UK government is planning to tighten the energy efficiency ratings required for buy-to-let mortgages, phasing in the changes through to 2028, but some mortgage lenders are implementing the rules early. The result could mean more collateral for green structured finance transactions as well as a lower risk of default.

  • Ghana divides opinion with zero coupon

    Ghana divides opinion with zero coupon

    The Republic of Ghana brought innovation to the emerging market bonds this week, by selling Africa’s first zero coupon international deal. But the “risky” trade ignited debate among bankers and investors after it attracted a smaller order book than expected and required generous pricing as debt sustainability concerns swirled.

  • NPL digitization: online marketplaces to shift bad eurozone debt

    The European Central Bank has given itself the mission of creating a liquid non-performing loan (NPL) marketplace. Only this time, it’s online. Real estate managers like Prelios are attempting to remove barriers to NPL sales, but Europe’s multiple jurisdictions present legal hurdles.

  • New Dutch BTL buyers lean to whole loans

    New Dutch BTL buyers lean to whole loans

    Investors who want exposure to Dutch buy-to-let mortgages are increasingly taking it in whole loan format rather than through securitized notes, especially if they are insurers or insurance-backed. Banks pulling back from BTL lending has realigned the market and sucked in new specialist lenders, such as start-up SolidBriQ, which launched its platform on Monday.

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