Performing and Non-performing Loan Transactions Across the World: A Practical Guide
Euromoney Trading Ltd
February 1, 2009 350 Pages - SKU: BGIQ2620509
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Countries covered: Global
Global loan markets and the subprime-crises have experienced significant demand-supply distortions, soaring price volatility, as well as drastic and unexpected flow constraints or surpluses, particularly due to the more frequent and deeper financial crises affecting different regions or markets. As understood from the public discussions, loan trades are the appropriate measure for the time being. This comprehensive, authoritative and multidisciplinary practitioner's manual is structured in a way that the principles of arranging, servicing, financing and exit strategies of such transactions will be dealt with. It contains country reports for specific jurisdictions and describes local law requirements which need to be considered when implementing performing and non-performing loan transactions.
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- Introduction
- PART 1 -- PRINCIPLES AND SPECIAL TOPICS
- 1 Performing and non-performing loan market overview
- Ana-Cristina Grohnert, René Hallenberger and Daniel Mair, Ernst & Young
- Definition
- History
- Factors impacting the market
- Market participants
- Transaction structures
- Market attributes
- Sub-prime
- Outlook
- 2 Viewpoint of a bank as a vendor
- Andreas Roth and Christof Teichmann, Aareal Bank AG
- Introduction
- Motivation for portfolio sell down
- Strategies for portfolio exit
- Different characteristics of non-performing and performing loan transactions
- Workflow of a non-performing loan portfolio transaction
- Outlook
- 3 Information deliverables in distressed debt transactions: an investor’s view
- Martin P. Arnold, Lehman Brothers and Pierre Lussato,Galaxis Capital
- Introduction
- Information categories and relevance
- Case examples
- Conclusion
- 4 Selling sub- and non-performing loans: the negotiated transaction versus the auction
- process
- Kingsley Greenland II and Gifford S. West, DebtX
- Introduction
- Defining the loan sale market
- The negotiated transaction process
- The auction process
- Negotiated transactions versus auctions
- The bottom line
- 5 Interaction between underwriting, workout and asset management in relation to a nonperforming
- loan portfolio
- Marcel Köchling, Lone Star Germany GmbH
- Introduction
- Responsibilities of underwriting, loan workout and real estate asset management
- Interaction of the three company divisions
- Summary and outlook
- 6 Due diligence on non-performing loan portfolios from a bank’s and an investor’s
- perspective
- Marco H. Wiedenhofer, KPMG
- Introduction
- Types of transaction (negotiated deal versus auction)
- 7 Contractual framework of a loan portfolio transaction
- Simon Gottlieb Grieser and Jörg Wulfken, Mayer Brown
- Sale and purchase agreement
- Servicing agreements
- Securitisation of non-performing loan transactions
- Conclusion
- 8 Outsourcing versus sale considerations for outsourcing of servicing for a loan portfolio
- Jörg Keibel, Hoist AG
- Initial situation
- European view
- Outsourcing § 25a KWG
- Pros and cons of servicing a loan portfolio in-house and externally
- In-house servicing versus sale
- Conclusions
- 9 Portfolio and performance management of German non-performing loan transactions
- Andreas Wesner, The Carlyle Group
- Introduction
- Servicer functions
- Portfolio management
- The business plan
- Measuring performance
- Managing performance
- 10 Performing and non-performing loan transactions from a real estate valuation perspective
- Katja Schmidt, KPMG
- Introduction
- The role of properties in loan transactions
- Property-specific areas of action for the transfer of loans
- Dealing with the special challenges associated with valuing real estate portfolios
- Drive-by valuations as a key element of valuing real estate portfolios
- 11 Non-performing loans (especially corporate restructuring): status and exit strategies
- Heike Munro, Deutsche Bank AG, London
- Non-performing loan market: background, status and outlook
- Players
- Investments
- Exit strategies
- Exit issues and potential solutions
- Summary
- 12 Financing and securitisation of a portfolio acquisition
- Dr. Evamaria Wagner and Franck Thevenon-Rousseau, Calyon
- Preface
- Introduction
- Portfolio sales and securitisation: two apparently competing financing techniques for sellers
- How securitisation has been used as a full-fledged financing technique in portfolio acquisitions
- Important considerations when combining portfolio acquisitions and securitisation
- An overview of the European portfolio acquisition-securitisation market
- 13 Distressed debt collateralised obligations from a legal perspective
- J. Paul Forrester, Mayer Brown
- Introduction
- Core concept of CDOs
- CDO characterisation
- CDO structure
- Recent transactions
- Required structure changes
- Recent examples
- Outlook
- PART 2 -- COUNTRY REPORTS 171
- 14 Austria
- Ingo Braun, Baier Böhm
- Transaction structures
- Banking secrecy and data protection
- Antitrust issues
- Tax and balance sheet treatment
- Regulatory issues
- Legal aspects and framework of the sale
- Legal aspects of servicing
- 15 China (mainland)
- John M. Marsden and Leonie Mong, Mayer Brown JSM
- Introduction
- Transaction structures
- Banking secrecy and data protection
- Antitrust issues
- Tax treatment
- Regulatory issues
- Legal aspects and framework of the sale
- Legal aspects of servicing
- 16 France
- Jean-Pierre Lee, Mayer Brown LLP
- Diversity of structures to transfer a portfolio of receivables
- Banking secrecy and the protection of personal data
- Specific banking regulations
- Securitisation and transfer of receivables
- Securitisation and servicing issues
- 17 Germany
- Simon Gottlieb Grieser, Heiko Penndorf and Jörg Wulfken, Mayer Brown
- Transaction structures
- Banking secrecy and data protection
- Antitrust issues
- Tax and balance sheet treatment
- Regulatory issues
- Legal aspects and framework of the sale
- Legal aspects of servicing
- Recent developments
- 18 Germany: new regulations for loan sales in the Risk Limitation Act
- Marcel Köchling, Lone Star Germany GmbH
- Genesis of the act
- The regulations: an overview
- A résumé of the new regulations
- 19 Hong Kong
- John M. Marsden and Steven Miller, Mayer Brown JSM
- Transaction structures
- Banking secrecy and data protection issues
- Antitrust issues
- Taxation issues
- Withholding tax
- Regulatory issues
- Framework of sale and registration requirements
- Supervisory regulations for servicing and outsourcing
- 20 Italy
- Mauro Baldissoni and Gianluca Cambareri,
- Tonucci & Partners
- Recent developments of NPLs market
- The role of the servicer
- Real estate owned companies
- Securitisation of non-performing bank loans
- A true sale securitisation structure
- Whole-business securitisation
- Receivables securitisations --- data protection
- The new opportunities: covered bonds and synthetic securitisations
- New measures adopted by the Italian government to contrast the current international crisis of the
- financial markets
- Contents
- 21 Spain
- Francisco J. Bauzá Moré and Daniel Alaminos Echarri,Ramón & Cajal
- Introduction
- Operational structures
- Bank secrecy and protection of data
- Issues related to practices that go against competition
- Fiscal and accounting aspects of the operation
- Legal aspects within the scope of the assignment
- 22 Thailand
- Steven Miller and Maythawee Sarathai, Mayer Brown JSM
- Transaction structures
- Banking secrecy and data protection
- Antitrust issues
- Taxation issues
- Regulatory issues
- Legal aspects and framework of the sale
- Legal aspects of servicing
- Recent developments
- 23 The Netherlands
- Karin Reuder and Jan Bart Schober, Loyens & Loeff NV
- Transaction structures
- Banking secrecy and data protection
- Antitrust issues
- Tax treatment
- Regulatory issues
- Legal aspects and framework of the sale
- Legal aspects of servicing
- Miscellaneous
- Dutch stabilisation measures
- 24 United Kingdom
- Miles Bake, Mayer Brown
- Methods of transferring loans under English law
- True sale requirements
- Insolvency
- Taxation
- Regulation and servicing
- Confidentiality and data protection
- 25 United States: before and after the call comes
- Monique J. Mulcare, Mayer Brown
- Part 1: Before the call --- perspectives on the market and non-performing loans
- Perspectives on investment opportunities
- Perspectives on recovery opportunities
- Overall perspective on the market in 2008 and prospects for 2009
- Part 2: After the call --- the transfer of loans, legal issues for sellers and buyers of distressed debt and claims
- Last thoughts
- Appendix 25.1: Trade checklist 0
- 26 Vietnam
- Hoang Anh Nguyen, Mayer Brown JSM
- Deal structure
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