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NPLs

NPLs refers to securitisations that are structured utilising non-performing loans from either one or a collection of loan issuers. Typically involving large whole loan portfolios from distressed asset investors or non-core asset disposals from a bank, NPL securitisations are a strongly growing part of the structured credit and ABS markets. NPL structures used to date include ABS, RMBS and CLOs, though it is likely that these will broaden to CMBS and beyond in time.


  • Performance tracked

    Peripheral NPL ABS compared

    JPMorgan has launched respective performance trackers for Italian and Iberian non-performing loan se...

    News    12 November 2019
  • SCI Start the Week - 11 November

    A review of securitisation activity over the past seven days

    Stories of the week Pursuing illiquidity premia Corbin Capital answers SCI's questions Risk t...

    News    11 November 2019
  • Liquidation challenges

    Greek economy precludes enforcement option

    An improvement in economic fundamentals and reform efforts has boosted both the deal flow and prospe...

    News Analysis    8 November 2019
  • Rollover prepped

    NPL CRT to be refinanced

    Hoist Finance is readying a rated securitisation backed by Italian unsecured non-performing loans wi...

    News Analysis    7 November 2019
  • SCI Start the Week - 4 November

    A review of securitisation activity over the past seven days

    Transaction of the week Goldman Sachs is in the market with an unusual UK buy-to-let RMBS secured b...

    News    4 November 2019
  • Cautious optimism

    NPL ABS opinion welcomed, although challenges remain

    The EBA’s recent opinion on non-performing loan securitisations (SCI 24 October) has been...

    News Analysis    1 November 2019
  • GARC deal expected

    Sector developments and company hires

    EMEA Florent Trouiller has joined Norton Rose Fulbright as a partner in its Luxembourg office. Tr...

    Market moves    31 October 2019
  • SCI Start the Week - 28 October

    A review of securitisation activity over the past seven days

    Transaction of the week Fannie Mae has priced its first credit risk transfer transaction referencin...

    News    28 October 2019
  • GACS structured

    Mortgage NPL ABS prepped

    UniCredit is in the market with a non-performing loan securitisation that references €6bn -...

    News    23 October 2019
  • Positive outlook

    Italian non-performing lease ABS on the cards

    Italian non-performing lease securitisation volumes could reach €2bn next year, as investor...

    News Analysis    21 October 2019
  • Hercules sets forth

    Greek asset protection scheme approved

    The European Commission has announced that the Greek government’s asset protection scheme...

    News Analysis    11 October 2019
  • SCI Start the Week – 7 October

    A review of securitisation activity over the past seven days

    Transaction of the week RMF is marketing its first private RMBS backed by jumbo proprietary reverse...

    News    7 October 2019
  • Autumn sales

    Italian NPL, UTP disposals continue apace

    Illimity Bank and a Cerberus Capital Management affiliate have acquired a second unlikely-to-pay loa...

    News    2 October 2019
  • SCI Start the Week - 23 September

    A review of securitisation activity over the past seven days

    Transaction of the week Deutsche Bank is marketing a £114m UK CMBS, dubbed Deco 2019-RAM....

    News    23 September 2019
  • Investor reassurance

    Spanish Supreme Court ruling assuages NPL ABS investor concerns

    Spain’s Supreme Court has ruled that Spanish banks are obliged to wait until at least 12 m...

    News Analysis    20 September 2019
  • Case for STS synthetics outlined

    Benefits of STS on synthetics clear, but objections could be raised

    The EBA is set to release its discussion paper on the application of the STS label to synthetic secu...

    News Analysis    20 September 2019
  • Targeting opportunities

    Servicers continue hunt for Greek NPL ABS

    Hipoges Iberia, the Iberian servicer, is targeting opportunities in the Greek non-performing loan ma...

    News Analysis    13 September 2019
  • SCI Start the Week - 9 September

    A review of securitisation activity over the past seven days

    Transaction of the week The EIF has launched two new funding initiatives to support SMEs in Europe,...

    News    9 September 2019
  • Going concern?

    Synthetics could help address UTP burden

    Synthetic securitisation is being put forward as one way of proactively addressing the unlikely-to-p...

    News Analysis    5 September 2019
  • SCI Start the Week - 2 September

    A review of securitisation activity over the past seven days

    Market commentary A new Fitch study shows that there is a wide range in trustee reported market val...

    News    2 September 2019
  • NPL relief

    ECB extends provisioning calendar

    The ECB is set to align its supervisory expectations regarding the provisioning of new non-performin...

    News Analysis    30 August 2019