Sector developments and company hires

NPL forward flow sale agreed
NPL Markets has acted as advisor to UniCredit on the sale of a portfolio of Italian non-performing unsecured loans with a claim value of approximately €90m to a vehicle managed by Kruk and to Credit Factor. Concurrently, the forward flows of Italian consumer loans that will be classified as bad loans in 2023 and 2024, up to a claim amount of €460m, have been purchased by Kruk.

The agreement is part of UniCredit’s ongoing strategy to reduce non-performing exposures. The sale process was managed via NPL Markets’ online platform, allowing UniCredit to streamline the disposal process and accelerate the deal execution.

In other news…

Loan opportunity fund closed
CVC Credit has closed the Cordatus Opportunity Loan Fund, a long-term financing facility structured similarly to a CLO, with expected purchasing capacity of circa €400m notional of leveraged credit. To date, the fund has ramped around €175m of assets at an average price of 91.9%.

The fund was raised in partnership with Royal Bank of Canada and a strategic third-party investor. The closing will increase the aggregate value of new assets raised in 2022 across the CVC Credit CLO platform to nearly €3.6bn.

North America
Eagle Point Credit Management founder and managing partner Thomas Majewski has resigned as a non-executive director of Marble Point Loan Financing. He has been replaced as the investment manager's nominee to the board by Thomas Shandell, ceo of Marble Point Credit Management. The move follows the recent announcement that Investcorp is to acquire Marble Point (SCI 2 December).