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A tale of two crises: the European NPL market between the GFC and Covid-19
May 13, 2021 @ 12:00 pm - 1:00 pm
Sales of NPLs and non-core loans from European banks boomed in the first quarter of 2021, totalling €31.2bn, according to React News’ data. Buyers are back chasing portfolios after the slowing down of 2020. Banks and investors are now in between the impacts of two crisis.
On one end, lenders and bad banks are still dealing with the legacy of the global financial crisis and disposing portfolios which have been distressed for years. On the other end, the threat – or the opportunity – of more distress is looming. Investors show strong appetite for portfolios backed by retail and hospitality assets, some of the sectors most heavily hit by the Covid-19 crisis.
Will there be a mounting wave of NPLs after Covid-19? After years of dealing with bad loans, regulators, banks and investors have now tools at their disposal – have they learned to use them? When governments’ and regulators support measures will fade away will the market be prepared at the new NPLs?
Join React News’ finance editor Alessia Pirolo and a panel of leading industry insiders as we discuss:
• What are the opportunities in the market?
• Have banks been able to accelerate the disposal of legacy NPLs?
• What are the expectations of the new NPLs due to Covid-19?
• What sectors and what type of borrowers will be focus of NPL investors first?
• Appetite for retail and hospitality sector is increasing – will there be the product?
• European regulators are increasingly look at NPL as an area to monitor. What could/should they do more?
• Securitisations and bad banks: lifesaver tools for banks or disruptive for a free market?
• Have the crisis impacted performance of NPLs previously bought by investors?
• What are the expectations for a secondary market?
Managing Director at Alvarez & Marsal
Amo Chahal is a Managing Director with Alvarez & Marsal Portfolio Advisory in London. He brings 14 years of experience in Banking & Capital Markets and Loan Portfolio Advisory. His primary focus is advising investors or holders of debt portfolios in acquiring, disposing or otherwise optimizing assets to achieve strategic objectives. Mr. Chahal has worked with clients across a range of industries, including the Public Sector, Banking and Private Equity. Prior to joining A&M, Mr. Chahal was a Partner in a Big Four Accountancy firm specializing in Portfolio Advisory. Mr. Chahal has advised on over €300bn of deleveraging and transactional projects over the last 10 years. He has advised on multiple asset classes including both commercial and consumer debt portfolios with extensive loan portfolio advisory experience in commercial real estate, shipping and aviation.
Giorgio Tito Baroero
Head of Group Distressed Asset Management at UniCredit
Mr. Baroero holds a degree in Logistic Engineering and Industrial Management from Politecnico di Torino. In 2008 he joined UniCredit Group in the Risk Management function and shortly after he became Business Manager of Group Credit Risk office, with a various range of coordination scope which included credit strategies, policies, credit risks processes and models. At present he is in charge for Group Distressed Assets Management department aiming to reduce the so called NPE Non-Core portfolio through Portfolio and Single Names asset/credit disposal activities and through the so called Credit Platforms. Previously he worked as consultant in different Corporate industry focusing on optimization and supply-chain management.
Managing Director at Bain Capital
Mr. Longo joined Bain Capital Credit in 2013. He is a Managing Director in the Non-Performing Loan and Real Estate team that is part of Distressed and Special Situations and is based in Bain Capital Credit’s London office. Previously, Mr. Longo was a Principal in the European Principal Finance Fund at Apollo investing in non-performing loan portfolios and real estate. Mr. Longo started his career in the Investment Banking group at Goldman Sachs. Mr. Longo received an M.Eng. from the University of Cambridge.
Head of European Real Estate and Senior Managing Director at Cerberus Global Investments B.V.