Performing and non-performing loan transactions across the world: a practical guide
Gespeichert in:
| Format: | Buch |
|---|---|
| Sprache: | English |
| Veröffentlicht: |
London
Euromoney Books
2009
|
| Schriftenreihe: | Euromoney Books
|
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | XXIII, 407 S. graph. Darst. |
| ISBN: | 9781843745471 |
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Datensatz im Suchindex
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| adam_text | Titel: Performing and non-performing loan transactions across the world
Autor: Grieser, Simon Gottlieb
Jahr: 2009
Contents
Acknowledgements v
About the editors xiv
About the contributors xv
Introduction xxiii
Part 1 - Principles and special topics 1
1 Performing and non-performing loan market overview 3
Ana-Cristina Grohnert, Rene Hallenberger and
Daniel Mair, Ernst Young
Definition 3
History 4
Factors impacting the market 7
Market participants 9
Transaction structures 11
Market attributes 12
Sub-prime 14
Outlook 14
2 Viewpoint of a bank as a vendor 17
Andreas Roth and Christof Teichmann, Aareal Bank AG
Introduction 17
Motivation for portfolio sell down 17
Strategies for portfolio exit 20
Different characteristics of non-performing and performing
loan transactions 24
Workflow of a non-performing loan portfolio transaction 26
Outlook 30
3 Information deliverables in distressed debt transactions:
an investor s view 32
Martin P. Arnold, Lehman Brothers and Pierre Lussato,
Galaxis Capital
Introduction 32
Information categories and relevance 32
Case examples 40
Conclusion 42
4 Selling sub- and non-performing loans: the negotiated
transaction versus the auction process 43
Kingsley Greenland II and Gifford S. West, DebtX
Introduction 43
Defining the loan sale market 44
The negotiated transaction process 44
The auction process 45
Negotiated transactions versus auctions 49
The bottom line 51
5 Interaction between underwriting, workout and asset
management in relation to a non-performing loan portfolio 52
Marcel Kochling, Lone Star Germany GmbH
Introduction 52
Responsibilities of underwriting, loan workout and real
estate asset management 52
Interaction of the three company divisions 55
Summary and outlook 59
6 Due diligence on non-performing loan portfolios from a bank s
and an investor s perspective 60
Marco H. Wiedenhofer, KPMG
Introduction 60
Types of transaction (negotiated deal versus auction) 61
7 Contractual framework of a loan portfolio transaction 74
Simon Gottlieb Grieser and Jorg Wulfken, Mayer Brown
Sale and purchase agreement 74
Servicing agreements 79
Securitisation of non-performing loan transactions 81
Conclusion 84
8 Outsourcing versus sale considerations for outsourcing of
servicing for a loan portfolio 86
JorgKeibel, Hoist AG
Initial situation 86
European view 87
Outsourcing § 25a KWG 88
Pros and cons of servicing a loan portfolio in-house
and externally 88
In-house servicing versus sale 90
Conclusions 91
9 Portfolio and performance management of German
non-performing loan transactions 93
Andreas Wesner, The Carlyle Group
Introduction 93
Servicer functions 93
Portfolio management 95
The business plan 99
Measuring performance 103
Managing performance 106
10 Performing and non-performing loan transactions from a
real estate valuation perspective 114
Katja Schmidt, KPMG
Introduction 114
The role of properties in loan transactions 114
Property-specific areas of action for the transfer of loans 115
Dealing with the special challenges associated with valuing
real estate portfolios 118
Drive-by valuations as a key element of valuing real estate
portfolios 122
11 Non-performing loans (especially corporate restructuring):
status and exit strategies 128
Heike Munro, Deutsche Bank AG, London
Non-performing loan market: background, status and outlook 128
Players 134
Investments 138
Exit strategies 138
Exit issues and potential solutions 145
Summary 146
12 Financing and securitisation of a portfolio acquisition 148
Dr. Evamaria Wagner and Franck Thevenon-Rousseau, Calyon
Preface 148
Introduction 148
Portfolio sales and securitisation: two apparently competing
financing techniques for sellers 149
How securitisation has been used as a full-fledged financing
technique in portfolio acquisitions 152
Important considerations when combining portfolio acquisitions
and securitisation 155
An overview of the European portfolio acquisition-securitisation
market 158
13 Distressed debt collateralised obligations from a legal perspective 163
J. Paul Forrester, Mayer Brown
Introduction 163
Core concept of CDOs 164
CDO characterisation 165
CDO structure 166
Recent transactions 167
Required structure changes 168
Recent examples 168
Outlook 169
Part 2 - Country reports 171
14 Austria 173
Ingo Braun, Baier Bohm
Transaction structures 173
Banking secrecy and data protection 176
Antitrust issues 177
Tax and balance sheet treatment 178
Regulatory issues 179
Legal aspects and framework of the sale 80
Legal aspects of servicing 182
15 China (mainland) 184
John M. Marsden and Leonie Mong, Mayer Brown JSM
Introduction 184
Transaction structures 185
Banking secrecy and data protection 186
Antitrust issues 186
Tax treatment 186
Regulatory issues 188
Legal aspects and framework of the sale 190
Legal aspects of servicing 191
16 France 192
Jean-Pierre Lee, Mayer Brown LLP
Diversity of structures to transfer a portfolio of receivables 192
Banking secrecy and the protection of personal data 195
Specific banking regulations 197
Securitisation and transfer of receivables 199
Securitisation and servicing issues 204
17 Germany 209
Simon Gottlieb Grieser, Heiko Penndorf and Jorg Wulfken,
Mayer Brown
Transaction structures 209
Banking secrecy and data protection 212
Antitrust issues 216
Tax and balance sheet treatment 218
Regulatory issues 221
Legal aspects and framework of the sale 222
Legal aspects of servicing 224
Recent developments 225
18 Germany: new regulations for loan sales in the Risk Limitation Act 231
Marcel Kochling, Lone Star Germany GmbH
Genesis of the act 231
The regulations: an overview 232
A resume of the new regulations 234
19 Hong Kong 237
John M. Marsden and Steven Miller, Mayer Brown JSM
Transaction structures 237
Banking secrecy and data protection issues 239
Antitrust issues 240
Taxation issues 240
Withholding tax 240
Regulatory issues 241
Framework of sale and registration requirements 241
Supervisory regulations for servicing and outsourcing 242
20 Italy 243
Mauro Baldissoni and Gianluca Cambareri,
Tonucci Partners
Recent developments of NPLs market 244
The role of the servicer 245
Real estate owned companies 246
Securitisation of non-performing bank loans 246
A true sale securitisation structure 248
Whole-business securitisation 248
Receivables securitisations - data protection 249
The new opportunities: covered bonds and synthetic
securitisations 250
New measures adopted by the Italian government to contrast
the current international crisis of the financial markets 252
21 Spain 255
Francisco J. Bauza More and Daniel Alaminos Echarri,
Ramon Cajal
Introduction 255
Operational structures 255
Bank secrecy and protection of data 257
Issues related to practices that go against competition 259
Fiscal and accounting aspects of the operation 259
Legal aspects within the scope of the assignment 259
22 Thailand 264
Steven Miller and Maythawee Sarathai, Mayer Brown JSM
Transaction structures 264
Banking secrecy and data protection 266
Antitrust issues 267
Taxation issues 267
Regulatory issues 267
Legal aspects and framework of the sale 269
Legal aspects of servicing 270
Recent developments 271
23 The Netherlands 272
Karin Reuder and Jan Bart Schober, Loyens Loeff NV
Transaction structures 272
Banking secrecy and data protection 282
Antitrust issues 284
Tax treatment 285
Regulatory issues 288
Legal aspects and framework of the sale 289
Legal aspects of servicing 292
Miscellaneous 293
Dutch stabilisation measures 299
24 United Kingdom 311
Miles Bake, Mayer Brown
Methods of transferring loans under English law 311
True sale requirements 319
Insolvency 321
Taxation 322
Regulation and servicing 324
Confidentiality and data protection 325
25 United States: before and after the call comes 327
MoniqueJ. Mulcare, Mayer Brown
Part 1: Before the call - perspectives on the market and
non-performing loans 327
Perspectives on investment opportunities 327
Perspectives on recovery opportunities 329
Overall perspective on the market in 2008 and prospects
for 2009 331
Part 2: After the call - the transfer of loans, legal issues for sellers
and buyers of distressed debt and claims 332
Last thoughts 345
Appendix 25.1: Trade checklist 350
26 Vietnam 353
Hoang Anh Nguyen, Mayer Brown JSM
Deal structure 353
Banking secrecy and data protection 355
Antitrust 355
Loan classification and non-performing loans 356
Tax and balance sheet treatment 356
Legal and regulatory issues 357
Legal aspects and framework of the sale 357
Part 3 - Sample forms by Mayer Brown, Germany 361
Sale and Purchase Agreement 363
Servicing Agreement 385
Term Sheet 403
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| title | Performing and non-performing loan transactions across the world a practical guide |
| title_auth | Performing and non-performing loan transactions across the world a practical guide |
| title_exact_search | Performing and non-performing loan transactions across the world a practical guide |
| title_full | Performing and non-performing loan transactions across the world a practical guide ed. by Simon Gottlieb Grieser ... |
| title_fullStr | Performing and non-performing loan transactions across the world a practical guide ed. by Simon Gottlieb Grieser ... |
| title_full_unstemmed | Performing and non-performing loan transactions across the world a practical guide ed. by Simon Gottlieb Grieser ... |
| title_short | Performing and non-performing loan transactions across the world |
| title_sort | performing and non performing loan transactions across the world a practical guide |
| title_sub | a practical guide |
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