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EOS and Intrum take over portfolios with unsecured loans from doValue

The unsecured loan portfolios that doValue is selling on behalf of Frontier and Cairo I and II securitisations, will pass to EOS and Intrum.

EOS reportedly signed a purchase agreement for a loan portfolio of approximately €800 m and a gross book value of €450 m (Virgo Portfolio), which is a fraction of Frontier I securitised assets.

The Frontier I securitisation transaction ended last December with the sale to the Bain-Fortress-doValue consortium of 95 % of mezzanine and junior notes, while NBG held 5 % of the series as well as 100 % of senior notes. The portfolio is serviced by doValue.

EOS has been moving quite aggressively recently in Greece and other European markets. In addition to the Virgo portfolio, it also claims the portfolio of hotel loans (project Tethys) through Southrock and in collaboration with Deutsche Bank. Southrock has built a remarkable real estate portfolio, buying the Petra (Eurobank), Oistros (Piraeus) portfolios as well as part of the Amoeba sold by Bain.

Meanwhile, doValue concluded a second tender for the sale of its unsecured claims portfolio. These claims belong to the SPVs of Cairo I and Cairo II securitisations. Reportedly Intrum emerged as the preferred investor for the Souk project.

The portfolio includes about 60 thousand NPLs, all of them without collateral, or card receivables and concerns about 50,000 borrowers. Hellenic Finance of Anthimos Thomopoulos operates as a consultant to doValue.

These are the first transactions of doValue in the secondary market.

Original Source: Euro2day.gr

Adaptation/Summary: Kiki Athanasiadis

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