An elevated level of non-performing loans (NPLs) on European banks’ balance sheets drove a slate of legislation and regulation in recent years, including directives aimed at developing and enhancing a secondary market for...more
A recent amendment to existing legislation potentially opens the door to international investors in the Turkish NPL market for the first time. Background On 16 October 2021, the Communiqué (III-58.1) on Asset or Mortgage...more
Submission of statistical data: BoE Green Notice 2020/02 - The Bank of England (BoE) has published a Green Notice 2020/02 announcing future changes to the submission of statistical data to its Data and Statistics Division...more
While lessons learned from previous crises suggest that well-designed structures are resilient under stressed circumstances, the COVID-19 crisis presents new challenges for European ABS. Governments across the globe...more
We are delighted to present the Spring 2020 edition of Hogan Lovells’ Debt Capital Markets Global Insights. This draws together a collection of articles from across our global network, reflecting on current events and topical...more
Refinements to the regulatory framework are needed before banks can make widespread use of securitization by European banks. Volumes of non-performing loans (NPLs) European banks have halved since 2015, driven by an...more
The Situation: In the last years the Italian legislature reformed the Italian securitization law to foster investments in NPLs/UTPs by Italian and foreign professional investors. A recently approved law decree provides for...more
The Situation: The European Central Bank ("ECB") has announced that it will set bank-specific supervisory expectations for the provisioning of non-performing loans ("NPLs") in a consistent way across comparable banks, which...more
You can never go wrong starting off a commentary with a butchered bit from the Bard, right? “Now is the winter of our discontent” spake Richard III, an unamiable leader perhaps reminding us all today of our unamiable...more
At Hogan Lovells, we follow industry trends very closely and we take great care to listen to our clients and contacts – to understand the issues they face and how the industry is changing. Our Debt Capital Markets – Global...more
On January 17, 2018, Fitch issued a report entitled: Fitch Updates Asset-Backed Commercial Paper Rating Criteria. Release. On January 11, 2018, Fitch issued a report entitled: Fitch Updates Non-Performing Loan...more
This booklet aims to provide an updated framework of the European NPLs market, presenting the last provisions entered into force, together with some papers of national and European Authorities and some observations of our...more
On June 15, 2017, the Italian Parliament approved the Conversion Law of Decree no. 50 of April 25, 2017 ("Conversion Law"). The Conversion Law includes a review of the legal framework applicable to Italian securitization...more
Decree of the Ministry of Economy and Finance containing implementing provisions (the "Implementing Decree") for State guarantees for securitisations of non-performing loans (Garanzia Statale sulla Cartolarizzazione delle...more
On 10 February 2016, decree no. 18/2016 (the "Decree") was passed which, following the agreement reached with the EU late last month, sets out the details of the Italian government guarantee scheme for senior tranches of...more