Sector developments and company hires

NPL transactions

IFIS NPL, has purchased an NPL portfolio totalling €1.16bn in gross book value from Monte dei Paschi di Siena. The portfolio acquired includes over 83,000 debtors with 16% comprised of consumer loans. The remaining 84% consists of unsecured small ticket banking NPLs.

JPMorgan and Mediobanca are co-arrangers on a cash securitisation of Italian NPLs worth approximately €2.541m. Dubbed Belvedere SPV, it will be managed by Bayview Italia and Prelios Credit Servicing. Scope has rated the €320m class A notes as triple-B but has not rated the €70m class B notes or €95m class Js.  
 

US

BlueMountain Capital Management, has appointed Dava Ritchea and Jim Pieri as partners. Ritchea is BlueMountain’s cfo having joined BlueMountain in 2013. Pieri is a portfolio manager and is responsible for the firm’s private healthcare strategy and has previously built and managed a portfolio of private investments across the capital structure in healthcare, structured finance, and real asset related markets.

Sidley Austin has hired Steven Kolyer as partner to its global finance practice, working from the firm’s New York office. He was previously a partner at Clifford Chance and has a focus on securitisation, with a particular emphasis on CLOs.