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Deleveraging Europe October 2019 Financial Advisory Contents Introduction 1 Overview of European NPLs 2 Loan servicing landscape 8 Shipping loans 20 David Edmonds Andrew Orr Global Head Global Transactions Leader Key European markets 26 Portfolio Lead Advisory Services Portfolio Lead Advisory Services United Kingdom 26 Ireland 30 France 34 Germany 36 Nordics 40 William Newton Benjamin Collet Italy 42 Head of Strategic Advisory Southern Europe and LatAm Head Spain 52 Portfolio Lead Advisory Services Portfolio Lead Advisory Services Portugal 64 Greece 68 Cyprus 72 Contacts 76 Deloitte PLAS 77 Notes 80 About this report Unless specified otherwise, all the data in the Deloitte Deleveraging report is based on ongoing tracking and monitoring of deal activity, based on Deloitte practitioners’ insights into the respective markets together with public and industry sources, notably Debtwire. This combination of sources limits the detail we can provide on individual transactions or identifiable data segmentation. All data in this report correct as of September 2019. Deleveraging Europe | October 2019 Introduction The European loan portfolio market has had a quieter start to 2019, as investors and banks digest the €200bn traded last year. Recent activity has been particularly driven by the Italian and Spanish markets – between them accounting for over two thirds of the European market. There has also been a significant increase of activity in Portugal and the Aegean, where the annual volume of traded assets has more than doubled since 2017. The volume of European loan portfolios traded has effectively doubled in just European loan portfolio activity by year (€bn) two years, reaching over €200bn in 2018, compared with €109bn in 2016. While unlikely to repeat last year’s volume, with over €70bn sold in the year 2014 €100.0bn to date, a similar volume in ongoing sales, and continuing investor appetite 2015 €106.9bn for non‑core and non‑performing assets, the market is set to remain busy 2016 €108.0bn through 2019. 2017 €153.3bn 2018 €202.8bn With overall non‑performing loan (NPL) volumes and ratios continuing to 2019 €140.8bn reduce across Europe, the market is increasingly diversifying in terms of both asset classes and the types of loans to be traded and securitised – H1 H2 Ongoing largely on the basis of national regulatory measures or market dynamics. Demonstrating this is the significant growth in real estate owned (REO) Number of deals completed by country portfolios being traded as banks tackle their stocks of repossessed properties. This is seen particularly in Spain, where over half of the traded portfolio volume was in REO assets. There has been a similar trend in Italy where unlikely‑to‑pay 21 7 (UTP) loans have increased from 4% of the volume traded in 2018 to over 9 a third of the country’s ongoing pipeline and traded volume in the year to date. 40 7 411 7 4 42 9 Shipping finance continues to attract investor interest, with German banks 82 17 14 in particular reducing their non‑performing exposures (NPE) in the category. 3 1 This is expected to continue as an active sector given the significant volumes of 34 shipping loans also held by Nordic, Dutch, and Greek banks. 8 2019 2018 With the increasing volume of loan sales there is a growing demand for 113 207 third‑party loan servicing expertise. This has led to regulatory developments at both the national and EU levels, fostering professionalisation and competition in Italy Spain UK Ireland Germany the market, and driving a wave of consolidation as servicers scale up to achieve Greece Portugal Cyprus rest of Europe the geographical coverage and asset class expertise required by asset owners. 1 Deleveraging Europe | October 2019 Overview of European NPLs Portfolio trades continue to play a significant role in European These measures have helped achieve a reduction in the total banks’ deleveraging activities as they address the stock of NPLs volume of NPLs held by Europe’s significant credit institutions (SIs) held on their balance sheets. The measures set out by the from €1tn (8% NPL ratio) at the start of the European Central Bank’s European Commission in the context of its ‘Action Plan to Tackle (ECB) Single Supervisory Mechanism (SSM) in 2014 to €587bn Non‑Performing Loans in Europe’ (Action Plan) are maintaining (3.7%) in March 2019. In August, the ECB completed its overall pressure on banks and regulators to both address existing framework for non‑performing exposure (NPE) coverage under stocks of NPLs, and ensure measures are in place to avoid Pillar 2 which is designed to provide consistency and eliminate future build‑ups. overlap with the EU’s prudential treatment under Pillar 1. €1tn stock of European NPLs in Q1 2017 reduced to €636bn in Q2 2019 €250bn 60% Q1 2015 Q1 2017 Q2 2019 €225bn NPL volume NPL ratio 50% €200bn EU/EEA average ratio €175bn 40% €150bn €125bn 30% €100bn 20% €75bn €50bn 10% €25bn €0bn 0% IT FR ES GR GB NL DE PT BE AT DK IE FI CY PL SE NO HU HR LU BG CZ RO SK SI EE IS MT LT LV Source: European Banking Authority Risk Dashboard – data as of Q2 2019 2 Deleveraging Europe | October 2019 At the wider European level, the European Banking Authority’s (EBA) latest CET1 ratio Risk Dashboard calculates that the total stock of NPLs held by the banks in 100% its scope has reduced by over €100bn during the past year to €636bn as of 75% June 2019. The average NPL ratio has similarly reduced to 3.0% from 3.6%. The improvement is seen across Europe, with NPL ratios reducing in all but 50% three nations, the most notable exception resulting from Nordea’s move from 25% Sweden to Finland. Meanwhile the banking systems of Italy, Germany, Spain, and Greece each achieved reductions in excess of €10bn since H2 2018. 0% 2015 2016 2017 2018 2019 This brings the number of European nations with NPL ratios below the > 14% 11%-14% < 11% European average up to 18 (from 17). The remaining 12 nations with ratios above the average hold 54% of the total NPL stock against 23% of the assets. Greece continues to be the significant outlier, with an NPL ratio of 39.2%; NPL ratio Cyprus (21.5%) and Portugal (8.9%) also continue to be significantly above average, 100% despite achieving reductions in their NPL volumes and ratios over the past year. 75% The Common Equity Tier 1 (CET1) ratios of European banks have remained 50% broadly steady since late 2017, with just under half (47.9%) reporting a CET1 25% ratio above 14% – the EBA’s threshold for ‘best bucket’. Under 1% of banks reported ratios below 11% in each of the past four quarters. 0% 2015 2016 2017 2018 2019 Three quarters (74%) of banks reported an NPL ratio below 3% – now both the < 3% 3%-8% > 8% European average as well as the EBA’s threshold ratio for ‘best bucket’. This reflects the overall reductions, and is nearly double the share of banks reporting the equivalent NPL ratio in 2015 when the threshold was reduced from 5%. Under 3% Coverage ratio of non-performing loans and advances of banks still hold NPLs in excess of 8% of gross loans and advances. 100% 75% There is a more mixed picture in terms of banks’ provisions for NPLs, with over half of banks reporting a coverage ratio in the 40‑55% category. While the 50% share of banks reporting a ratio over 55% has fallen consistently since 2018. 25% 0% The quarterly Risk Dashboards produced by the EBA include data on a wide range of ‘Key Risk 2015 2016 2017 2018 2019 Indicators’ including liquidity, funding, solvency, profitability, and market risk, as well as asset quality including NPL ratios and totals. The data is based on a sampling of European banks – 150 in the latest > 55% 40%-55% < 40% report, covering over 80% of the EU banking sector by total assets. While it does not include NPLs held by AMCs, or state‑owned ‘bad banks’ such as UKAR, NAMA, Sareb, or the newly‑renamed AMCO, Source: European Banking Authority Risk Dashboard it provides a comprehensive baseline reading of the size of the outstanding NPL pool in Europe. – data as of Q2 2019 3 Deleveraging Europe | October 2019 Activity by asset type since 2014 (€bn) €198.4bn €157.3bn €127.6bn €66.1bn €69.0bn €44.4bn €36.5bn €43.0bn €27.3bn €32.5bn €9.8bn Resi. RED REO CRE Corp. Ship. Leas. Consu. Unsec. Mixed Other 2014 2015 2016 2017 2018 2019 Ongoing Completed and ongoing deals by country since 2014 (€bn) Italy €238.8bn Spain €168.6bn UK €129.2bn Ireland €92.8bn Germany €45.0bn Greece €46.5bn Portugal €20.8bn Cyprus €13.0bn 2014 2015 2016 2017 2018 2019 Ongoing 4 Deleveraging Europe | October 2019 Completed deals by country since 2014 (€bn) Italy €221.8bn Spain €162.1bn UK €127.4bn Ireland €88.9bn Germany €38.9bn Greece €24.9bn Portugal €19.6bn Cyprus €8.6bn NPL UTP REO PL+Mixed Loan sale activity by portfolio type (€bn) 50% NPL 74% 79% 13% UTP 2% REO 16% 33% 9% PL 8% 7% 2014 2015 2016 2017 2018 2019 Ongoing 5 Deleveraging Europe | October 2019 Top sellers since 2014 UKAR €51.6bn Santander €43.2bn UniCredit €37.8bn Banca MPS €35.1bn NAMA €30.5bn Intesa Sanpaolo €28.2bn CaixaBank €24.4bn IBRC €23.3bn BBVA €22.0bn Sabadell €21.1bn LBG €18.9bn Banco BPM €17.0bn RBS €16.5bn permanent tsb €14.7bn HSH Nordbank €13.6bn Bankia €12.8bn Commerzbank €10.6bn BPVI €10.4bn Lone Star €9.4bn Veneto Banca €9.0bn previous years 2017 2018 2019 6 Deleveraging Europe | October 2019 Top buyers since 2014 €102.9bn Cerberus €55.3bn Blackstone €49.2bn Lone Star €28.2bn Goldman Sachs €24.3bn Intrum €20.9bn Deutsche Bank €18.8bn AMCO €18.1bn CarVal €17.9bn Fortress €15.3bn Banca IFIS €14.6bn Apollo €14.1bn Oaktree €13.0bn AnaCap €12.7bn LBG €12.3bn Barclays €11.0bn Davidson Kempner €10.5bn Bain Capital €8.7bn Prudential €8.5bn Axactor €7.7bn CRC 2019 2018 2017 previous years 7 Loan servicing landscape Deleveraging Europe | October 2019 European loan servicing landscape Loan and debt servicers are bridging geographical and asset class specialisations to achieve consolidation and professionalisation, leading to the development of more integrated servicing platforms.
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    Classified as Internal / Clasificado como Interno# ENTIDADES PARTICIPANTES Y CÓDIGOS BIC OPERATIVOS EN EL SISTEMA ARCO PARTICIPANT ENTITIES AND OPERATIONAL BIC CODES IN ARCO SYSTEM CÓDIGO BIC ENTIDAD CAGLESMMVIG ABANCA CORPORACION BANCARIA, S.A. CASDESBBXXX ARQUIA BANK, S.A. BMARES2MXXX BANCA MARCH, S.A. BAPUES22XXX BANCA PUEYO, S.A. BBVAESMMXXX BANCO BILBAO VIZCAYA ARGENTARIA, S.A. BBVAESMMBAG BANCO BILBAO VIZCAYA ARGENTARIA, S.A. (entidad agente) CCOCESMMRVN BANCO CAMINOS, S.A. CCOCESMMXXX BANCO CAMINOS, S.A. BCOEESMMRVN BANCO COOPERATIVO ESPAÑOL, S.A. BCOEESMMXXX BANCO COOPERATIVO ESPAÑOL, S.A. ALCLESMMXXX BANCO DE ALCALA, S.A. BCCAESMMXXX BANCO DE CREDITO SOCIAL COOPERATIVO ESPBESMMXXX BANCO DE ESPAÑA ESPBESM1CDI BANCO DE ESPAÑA - CUENTAS DIRECTA ESPBESM1AMF BANCO DE ESPAÑA - FROB FFA ESPBESM1OFI BANCO DE ESPAÑA, OPERACIONES FINANCIACION INTRADIA ESPBESMMAFD BANCO DE ESPAÑA. AGENTE FINANCIERO DEUDA (entidad agente) ESPBESMMRMS BANCO DE ESPAÑA. RMS ESPBESMMCCB BANCO DE ESPAÑA CORRESPONSALÍA DE VALORES BSABESBBXXX BANCO DE SABADELL, S.A BSABESBBBME BANCO DE SABADELL, S.A (entidad agente) BSABESBBEAG BANCO DE SABADELL, S.A (entidad agente) BFIAPTPLXXX BANCO FINATIA, S.A. (entidad agente) INVLESMMXXX BANCO INVERSIS, S.A. INVLESMMOPS BANCO INVERSIS, S.A. (entidad agente) BFIVESBBRFP BANCO MEDIOLANUM, S A BFIVESBBXXX BANCO MEDIOLANUM, S.A. BSCHESMMXXX BANCO SANTANDER, S.A. BSCHESMMAGE BANCO SANTANDER, S.A. (entidad agente) BSCHESMMBME BANCO SANTANDER, S.A. (entidad agente) CAHMESMMXXX BANKIA, S.A. BKBKESMMBAC BANKINTER, S.A. BKBKESMMXXX BANKINTER, S.A. BKOAES22XXX BANKOA S.A. BARCGB22XXX BARCLAYS BANK PLC. ESPBESMMPLV BE. PROGRAMA DE LENDING PSPP. VALORES CMBOESMMBK2 BEKA FINANCE (entidad agente) MEFFESBBCRF BME CLEARING S.A.U. MEFFESBBCRV BME CLEARING, S.A. - CAMARA DE RENTA VARIABLE MEFFESBBMRV BME CLEARING, S.A.U.