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npl-reo Market News: Greek Real Estate Intelligence

Piraeus Bank prepares NPL securitisation of €7.2 bn
Piraeus Bank is looking to rapidly implement its balance sheet consolidation program, which is accompanied by capital increase measures. Therefore, it prepares its third NPL securitisation in 12 months. More specifically, Piraeus Bank prepares project Sunrise, a securitisation with a gross book value of €7.2 bn, which will be included in the state guarantee program "Hercules II". Not long ago, Piraeus Bank and Intrum Hellas announced the purchase by Intrum of 30% of the mezzanine notes of the NPL securitisation with a gross book value of about €4.9 bn (project Vega ). Following project Sunrise, the bank plans one more NPL securitisation, of shipping loans this time, with a gross book value of approximately €3.4 bn. It is also looking to sell portfolios and individual loans. The consolidation program is expected to be completed by the first quarter of 2022. The bank’s stock of NPEs is expected to decline to €3.5 bn, plus whatever comes from the pandemic. Orginal Source: Euro2day.gr Adaptation/Summary: Kiki Athanasiadis
 
Alpha Bank completes the deal with Davidson Kempner for the Galaxy mega project
Alpha Bank, one of Greece’s largest systemic banks has agreed to offload a €10.8 bn book of sour loans to Davidson Kempner. The deal to securitise Alpha Bank’s NPEs was announced late February and it is Europe’s second biggest such transaction to date. Davidson Kempner will also acquire an 80% stake in Alpha Bank’s loan servicer, Cepal. The transaction is part of the Hercules Asset Protection Scheme, a government initiative to clean up bank balance sheets and remove up to €30 bn of bad loans. Greek banks have shed about a third of their non-performing loans since 2015, equal to €35bn, but they still make up about 40 per cent of total lending. The deal will reduce Alpha Bank’s NPL ratio from 29 per cent to 13 per cent. The transaction is expected to close in the second quarter of 2021, subject to regulatory approval. Eurobank, another of the 4 Greek systemic banks completed last year the sale of its €7.5 bn Cairo portfolio of bad loans.  Original Source: Tovima.gr Adaptation/Summary: Kiki Athanasiadis
 
NBG sold NPL portfolio of 1.6 bn to Bain Capital
doValue will service the portfolio. The National Bank of Greece announced the completion of a transaction for the disposal of a non-performing, secured, corporate loan portfolio to Bain Capital for a total principal amount of 1.6 bn. The portfolio comprises mainly secured small business loans from more than 1,500 debtors. Morgan Stanley & Co. International plc acted as a financial advisor, Karatzas & Partners, and Milbank LLP as local and international external legal counsel respectively, and Deloitte Greece as transaction and accounting advisor to NBG. Meanwhile, as announced, doValue Greece will exclusively service the portfolio. Original Source: Capital.gr Adaptation/Summary: Kiki Athanasiadis