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npl-reo Market News: Greek Real Estate Intelligence

Hellenic Bank close to selling 700 m NPL portfolio and APS servicing platform
Hellenic Bank is in advanced discussions with investors for the acquisition of a non-performing loan portfolio of €700 m. According to what Antonis Rouvas, Chief Financial Officer of the Bank said during the presentation of the results of the first half of 2021, investors are looking into the portfolio and there will be a transaction in the near future. As Mr. Rouvas said, once the sale is done, the bank's NPL ratio will drop to a single digit percentage. Today it is 15.1% (€ 1.5 bn). The preferred investor will also acquire the bank's loan servicing platform, APS. Original Source: Philenews.com Adaptation/Summary: Kiki Athanasiadis
NBG selects DoValue-led consortium as preferred bidder
The doValue, Bain Capital and Fortress consortium has been chosen by NBG as the preferred bidder in relation to Project Frontier for a short period of talks. NBG, Greece’s second-largest lender by assets, is looking to offload the portfolio of €6.1 bn NPLs. The purchase price amounts approximately at €160 m and corresponds to marginally over 35% of the nominal value of mezzanine notes. In the final phase of the tender the two bidders were the doValue-Fortress-Bain Capital consortium and Intrum-Deva. Upon completion of the transaction, NBG will proceed with the derecognition of the NPEs and thus will reduce its bad loans by 60% and bring its sour exposures ratio to 13%, namely at € 3.8 bn. The bank will launch another securitization of NPLs of €1.5 bn (Frontier II) by the end of next year, aiming to further reduce its NPL ratio. Original Source: Euro2day.gr Adaptation/Summary: Kiki Athanasiadis  
Piraeus bank sells the Sunrise 1 portfolio to Intrum
Intrum, the strategic partner in the management of loan and credit receivables of Pireaus bank, will take over a chunk of the mezzanine notes and junior notes bonds of the Sunrise 1 securitization. This is the third securitization by Piraeus bank that ends up in Intrum, after the Phoenix and Vega projects. The difference is that this time Intrum has found a co-investor, who will buy part of the mezzanine notes. Sunrise 1 securitization portfolio mainly includes repayable loans of all categories (mortgage, consumer, corporate), gross book value of €7.2 bn. Piraeus submitted a state guarantee application for senior notes bonds, with a nominal value of approximately €2.4 bn. Piraeus Bank will maintain 5% of the mezzanine and junior notes. The remaining part of the two series will be returned free of charge to the shareholders of Piraeus Financial Holdings. Piraeus Bank will soon launch Sunrise 2, which will include mainly regulated loans of all categories, with a gross book value of about €4 bn. Senior notes are estimated to rise to €1.8 bn, mezzanine to €0.2 bn and junior notes to €2 bn. Original Source: Euro2day.gr Adaptation/Summary: Kiki Athanasiadis