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SCI NPL Securitisation Awards: Arranger of the Year

Category: ABS NPLs

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Winner: Morgan Stanley

A leading position in the public and private markets, combined with a strong link to innovation ensured Morgan Stanley is awarded SCI’s European NPL Securitisation Arranger of the Year.

According to SCI data, there were 19 public securitisations involving non-performing or reperforming loans during the awards period of March 2021 to March 2022. Of those deals, Morgan Stanley was arranger on seven – including Innovation of the Year Retiro Mortgage Securities – with its closest rivals only reaching three deals apiece.

Meanwhile, the firm is also consistently highlighted by market participants for its private issuance activity. Of particular note is its success in arranging Project Frontier for National Bank of Greece (NBG), which was acclaimed for its hybrid HAPs (Hellenic Asset Protection Scheme)/private structure and involved the securitisation of a portfolio of non-performing exposures with a total gross book value of circa €6bn

NBG said: “Frontier represents a landmark transaction and a decisive step for NBG to soon deliver a mid-single digit NPE ratio. Specifically, the transaction received two credit ratings; was not associated with a hive-down; and is serviced by a servicer [doValue Greece] not arising from a carve from the bank itself. Frontier also constitutes a unique transaction in Greece from a capital perspective adding circa 150bp to our capital ratios.”

NBG retained 100% of the senior notes and 5% of the mezzanine and junior notes utilising the HAPs. At the same time, it sold 95% of the mezzanine and junior notes to a consortium consisting of affiliates of Bain Capital Credit, Fortress Investment Group and doValue Greece.