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.


  • Geographical divergence

    CSEE moratoria more likely to underperform

    EU banks set aside large provisions in 2020 in anticipation of Covid-induced higher default rates, b...

    News Analysis    11 May 2021
  • SCI Start the Week - 10 May

    A review of securitisation activity over the past seven days

    Last week's stories Niche exposure CFE Finance answers SCI's questions NPL rebound? Secured...

    News    10 May 2021
  • NPL rebound?

    Secured loan sales set for 2022 return

    European secured loan sales witnessed their sharpest contraction last year as the coronavirus pandem...

    News    6 May 2021
  • Greek investment partnership inked

    Sector developments and company hires

    Greek investment partnership inked Mount Street Group has formed a strategic partnership in Greec...

    Market moves    29 April 2021
  • Vertical structure

    Rare Spanish NPL ABS closed

    Morgan Stanley last month closed a rare Spanish non-performing loan securitisation, dubbed Retiro Mo...

    News Analysis    29 April 2021
  • SCI Start the Week - 26 April

    A review of securitisation activity over the past seven days

    Last week's stories Bottoming out EU NPL ratios improve Climate concerns The nexus between i...

    News    26 April 2021
  • Bottoming out

    EU NPL ratios improve

    Despite the significant decline in economic activity since the coronavirus outbreak, European banks...

    News    22 April 2021
  • SCI Start the Week - 19 April

    A review of securitisation activity over the past seven days

    Last week's stories Income opportunities Angel Oak Capital Advisors, answers SCI's questions ...

    News    19 April 2021
  • Benchmark issuance

    PPC finalises NPL ABS

    Greece’s Public Power Corporation (PCC) has finalised a €325m non-performing loan...

    News    13 April 2021
  • SCI Start the Week - 12 April

    A review of securitisation activity over the past seven days

    Last week's stories Collection boost? NPL sales increase pending amid uncertain timing Inclus...

    News    12 April 2021
  • Servicing hitch

    Italian NPL ABS collections drop

    Median gross collections for Italian non-performing loan securitisations in 2020 were 21% lower, com...

    News    12 April 2021
  • Collection boost?

    NPL sales increase pending amid uncertain timing

    European non-performing loan sales are expected to receive a boost this year, due to higher unemploy...

    News    8 April 2021
  • GACS NPL ABS performance eyed

    Sector developments and company hires

    GACS NPL ABS performance eyed A sum of eight new GACS non-performing loan securitisations priced in...

    Market moves    7 April 2021
  • Provisioning boost

    Moratoria decline amid stage two rise

    Loans under EBA-eligible moratoria nearly halved in 4Q20. Nevertheless, banks have markedly increase...

    News    1 April 2021
  • SCI Start the Week - 29 March

    A review of securitisation activity over the past seven days

    CLO pricing service selected SCI Valuations has been selected by Bloomberg's Enterprise Data busine...

    News    29 March 2021
  • CLO fallback language reviewed

    Sector developments and company hires

    CLO fallback language reviewed S&P has reviewed the indentures of the 870 CLOs it rates to...

    Market moves    22 March 2021
  • Landmark NPL ABS inked

    Banca Ifis completes salary assignment securitisation

    Banca Ifis has finalised a securitisation backed by a €1.3bn non-performing loan portfolio...

    News    22 March 2021
  • Assessing arrears

    Withdrawal of UK support measures eyed

    Most UK residential mortgage borrowers who took coronavirus-related payment holidays in 2020 have re...

    News    22 March 2021
  • SCI Start the Week - 22 March

    A review of securitisation activity over the past seven days

    Last week's stories Bifurcated bother Stress for CMBS secured by ground fees, leaseholds Dive...

    News    22 March 2021
  • MPL acquisition to accelerate auto financing

    Sector developments and company hires

    MPL acquisition to accelerate auto financing Upstart Holdings is set to acquire Prodigy Software,...

    Market moves    19 March 2021
  • Greek synthetic debuts

    Piraeus Bank finalises capital relief trade

    News    18 March 2021