To the surprise of no one, Citigroup (with Credit Suisse as joint bookrunner) has launched the first securitization of non-performing loans in Germany. The deal was backed by a pool of assets acquired by Lone Star Partners in late 2004, and has been expected since then. The past few years have witnessed a wave of non-performing loan sales by German banks as part of a massive balance-sheet clean-up exercise, and foreign buyers such as Lone Star have been only too keen to snap up these loans at sometimes pretty generous prices.
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