DoValue has signed a new agreement with the National Bank of Greece (NBG) to act as servicer for a €0.7bn gross book value non-performing loan (NPL) portfolio to be securitised.

Under this Frontier II project, NBG has entered into a definitive agreement with funds managed by Bracebridge Capital for the sale of 95% of the mezzanine and junior notes.

DoValue Greece will act as the sole and exclusive servicer for the portfolio, which consists mainly of secured NPLs, and will also provide REO services.

The agreement is subject to the completion of the securitisation process of the portfolio by NBG under the Hellenic Asset Protection Scheme (HAPS), which is expected to be completed in the second quarter of 2025.

With this new mandate, DoValue noted that it has achieved €6.1 billion of gross book value from new business since the beginning of the year, exceeding its target of €6 billion for new mandates and reaching more than 75% of the target of total gross book value from new business for the full year 2025.

Original Story: Market Screener | Author: Reuters
Edition: Prime Yield