(Alliance News) – doValue Spa announced on Monday the completion of the first sale of re-performing loans in Greece to specialized institutional credit investors.
The portfolio, comprising approximately 3,400 loans involving around 1,800 primary borrowers with a gross book value of roughly EUR230 million, was originally part of the Cairo securitization. It achieved re-performing status through active management by doValue Greece acting as servicer.
‘Greece has been one of the most complex NPL markets in Europe, and the ability to return a portfolio of this size to performing status and offer it to institutional investors represents a fundamental step forward for the entire Greek credit market’, the company stated in a note.
‘It is a concrete signal that the NPL resolution cycle in Greece is evolving, and that re-performing loans are emerging as a recognized and investable asset class. Furthermore, the transaction represents the first structuring of rated notes for such a portfolio in Greece’, the statement concluded.
By Chiara Bruschi, Alliance News reporter
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