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Meanwhile, ADMT has set guidance for its $602m non-prime deal
Fortress agrees forward flow for €500m of unique assets
Cash SRT pipeline fires up earlier than usual
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Piraeus Bank on Monday filed for a €1.9bn NPL securitization transaction under the Hercules Asset Protection Scheme (HAPS), making it the third Greek bank to apply since the scheme began. It is also looking to add another €5bn securitization later in 2020. -
The Bank of Cyrus has announced the sale of a €916m non-performing loan (NPL) portfolio to Pimco, dubbed Project Helix 2 after the first Project Helix cleared €2.7bn of NPLs from the bank’s balance sheet.
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Two NPL securitizations originated via the Italian guarantee scheme (GACS) have hit trouble following a fall in collections due to the coronavirus crisis, with the deals triggering interest payment shortfalls on the junior notes.
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Italian debt servicing specialist doValue is refinancing its acquisition of a Eurobank debt platform to position itself as a dominant NPL servicer in Europe, ready for the next generation of defaulted loans.
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The level of Covid-19 payment holidays affecting specialist UK lenders in the UK and fears over the future of the country's economy have failed to dampen demand for their debt among UK RMBS buyers, with the lack of public issuance boosting interest in publicly placed deals.
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The European Commission has included measures to improve the regulatory framework for non-performing loan securitizations in its latest coronavirus response package, while also beginning the classification of synthetic securitizations to qualify for the ‘simple, transparent and standardised’ (STS) designation.
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UniCredit sold two non-performing loan (NPL) portfolios worth a combined £1.54bn over Tuesday and Wednesday this week, both through a securitization vehicle which sold notes to Barclays and Guber Banca.
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A flurry of UK RMBS deals have come to market in recent days, marking a comeback for the sector as triple-A spreads return to pre-Covid levels.
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Coventry Building Society (CBS) has mandated HSBC and Lloyds to arrange its first issuance from Economic Master Issuer 2020-1, the first UK master trust structure set up since 2008. Books are building for the deal with initial price thoughts (IPTs) guiding the senior tranche in the low 50bps.
