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摘录其中一段简介,有研究的价值!!
Increasing NPL numbers should result in increased
opportunities, but the overall economic situation and the
resulting impact on pricing has made deals harder to
consummate, especially from a portfolio perspective. In
turn, the volume of portfolio transactions has slowed notably
in 2009, though transactions have still occurred in Taiwan,
Thailand, Korea, India, Japan, China and Australia (primarily
single credit commercial paper). This is a contrast to the much
higher level of activity in Asian NPL markets over the past two
to three years, with numerous portfolio transactions in Thailand,
Malaysia, Taiwan, India and the Philippines to name a few.
Clearly, one of the biggest challenges to doing deals in
today’s climate is the differential on price expectations.
This has led to markets dominated by domestic buyers and
buyers demanding significant concessions from sellers.
For example, it has been widely reported that the recent
Thailand TMB deal was on a seven-year deferred payment
basis, supported by promissory notes. This is a stark
departure from the typical Thailand deal of 25 per cent
deposit payable upon sale and purchase agreement (SPA)
signing and the balance within 90 days. Whether this type
of sale structure becomes the norm remains to be seen, but
it is likely that sellers will be more flexible when it comes to
NPL portfolio sale structures.
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