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Archive » February 2020 » Non performing exposures and Alternative Investment funds in Italy

Non performing exposures and Alternative Investment funds in Italy

Gianluca Mattarocci, Luca D'Antrassi, Martina Totoni
February 2020 - n. 2
Keywords: Not performing Loans, Unlikely to Pay, Fondi Investimento Alternativi
Jel codes: G21, G23, G33

Financial intermediaries have increased the number of Npes sales in the secondary market. The sale of credits at values lower than their gross book value makes the investment appealing for high risk profile investors, with a rising number of Alternative Investment Funds and of funds specialized on indirect credit. The article proposes a snapshot of the transactions on Npes in the last years and the main features of the Asset management companies that are actively working in Npl management and recovery. The analysis is completed by a study of the main features considered by a buyer for defining the fair price for a portfolio of Not Performing Exposures and the case study of the main player in Italian Npl alternative funds, Dea Capital Sgr.

 

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