Euromoney Liquid real estate March 2007
» at a glance
» Deal: Bluebonnet Finance NPL securitization
» Amount: €1.34 billion
» Arranger: Citigroup
Several potential structures were submitted to the rating agencies before the final deal emerged. It is backed by a mixture of performing, sub-performing and non-performing assets worth €2.8 billion (but the lion’s share (62%) is non-performing). The pool is grouped into engagements, which link all exposures to particular debtors together.
Bluebonnet is the first deal in an untested asset class.
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