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npl-reo Market News: Greek Real Estate Intelligence

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
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