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NPL, the secondary market is warming up
11 May, Credit Village
The bad loans secondary market is taking gradually shape and it might reach its peak before summer. In fact, according to Milano Finanza, Christofferson, Robb & Company (Crc) and Bayview might put for sale a 2 billion stock by June. The stock is mainly composed of unsecured loans coming from the Beyond the Clouds portfolio bought last year from Intesa Sanpaolo.
There is also the 6 billion euro in the pipeline that the investment bank of Crédit Agricole put for sale on the secondary market. In this case, they’re Italian credits included in the four securitisation vehicles under the Luxemburgish law, mainly composed on unsecured loans granted to privates and SMEs on the Italian market and then securitised years ago. There are assumptions that the net value of the operation will amount approximately to a couple of hundred million euro. The first potential investors have already presented their non-binding offers. These are Cerberus-Banca Ifis and CRC-Bayview, the British Arrow Global, the Swedish Hoist Finance e the American D.E. Shaw. There is also the offer from Spaxs, the Spac of Corrado Passera and Andrea Clamer, which aims at buying a small bank to capitalize and turn into an institute specialised in the purchase of NPL.
Source: Credit Village
Translator: Cristina Ambrosi