News February 08 , 2022

Koutalidis advised Waterwheel Capital Management in project Mexico

Koutalidis advised Waterwheel Capital Management in one of the first secondary trades involving an NPL portfolio originated by a Greek Bank. Eurobank S.A. completed the securitisation of the €3.2bn Mexico Portfolio consisting predominately of non-performing exposures of residential mortgage loans. Waterwheel acquired a 90% stake in the mezzanine and junior securitization notes with doValue retaining the related servicing mandate of the Mexico Portfolio.

 

Following is the text of the press release of the NPL servicer doValue related to the above-mentioned transaction:

Rome, January 12th, 2022 – doValue S.p.A. (“doValue”, or the “Company”) communicates the introduction of Waterwheel Capital Management to its portfolio of clients through the completion of the €3.2 billion Project Mexico HAPS securitisation in Greece.

Founded in November 2017, Waterwheel Capital Management is a US based institutional investor focused on targeted investment opportunities, and currently concentrated on Greek assets including the non-performing loan market.

As a reminder, in H1 2021, Eurobank has started the HAPS securitisation process for the €3.2bn Mexico Portfolio (already under management by doValue). As part of Project Mexico, Waterwheel Capital Management has acquired a 90% stake in the mezzanine and junior notes related to the securitisation of the portfolio with doValue retaining the related servicing mandate of the Mexico Portfolio.

The completion of the €3.2bn Project Mexico with Eurobank and Waterwheel Capital Management (which follows the completion of the €5.7bn Project Frontier with National Bank of Greece, Bain Capital and Fortress) reinforces doValue leadership as a servicer in the Greek HAPS securitisation market, a key growth area for the Company.