Multi-seller GACS deals pending

Category: NPLs ABS

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Large portfolio sizes facilitate critical mass

Multi-seller GACS securitisations brought by smaller Italian banks are emerging, with at least two transactions in the pipeline. However, as the transactions come to market, banks and investors will have to deal with challenges that are atypical for single-seller deals.

During the two years that the GACS scheme has been operational, portfolio sizes (in GBV terms) have evolved towards larger sizes.

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