Bain Capital Credit has acquired a portfolio of unlikely-to-pay (UTP) corporate loans, dubbed Project Valery, from the Italian arm of Credit Agricole. The portfolio has a total book value of €450m and is the first large-scale, pure UTP transaction in Italy.
While this is not the first ever UTP portfolio acquisition, previous deals have been smaller in size and comprised mixed portfolios of NPLs and UTPs.
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