Evora Finance: 16 November 2017
A transaction backed by non-performing loans which were originated by the Portuguese bank, Caixa Económica Montepio Geral. Overall, the non-performing loans consist of defaulted mortgage loans which are backed by residential and commercial properties located in Portugal, and the obligors were both individuals and companies.
Official Press Release: Lisbon, 6th November 2017.
Caixa Económica Montepio Geral, caixa económica bancária, S.A. (CEMG) informs that it has placed in the market, under competitive conditions, a portfolio of non-performing loans with a total value of EUR 580,574,172 (five hundred and eighty million, five hundred and seventy four thousand, one hundred and seventy two euros). This transaction was structured through a credit securitisation named Evora Finance, where J.P.Morgan acted as sole arranger and placement agent. This securitisation was subject to the assessment of Moody's and DBRS, which culminated with the assignment and public disclosure of its credit rating. This is the first securitisation carried out in Portugal of a non-performing loans portfolio with public rating assigned, and was placed with institutional investors through a competitive process. This operation is part of CEMG's non-core assets reduction process, as set forth in its Strategic Plan 2016-18.