How to make money buying European NPLs


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How to make money buying European NPLs

Owen Sanderson's avatar
  1. Owen Sanderson
4 min read

Corporate buyers of non-performing loans are struggling right now — Intrum, Lowell and iQera have called in capital structure advisory firms to grapple with upcoming bond maturities, the flow of major disposals from banks has mostly dried up, and collections from portfolios sold in the big wave from 2017 have mostly proved disappointing.

Smart money on the fund side also appears to be moving out — Elliott Management has sold its Gardant servicing platform to doValue, Davidson Kempner has sold Prelios to ION, illimity bank, which formerly specialised in NPLs, has switched its strategy to asset-based lending.

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