Valuation11 min read
How to Value a Non-Performing Loan Portfolio in Morocco
An investor underwriting methodology for Moroccan NPL portfolios: from loan tape to bid price, with emphasis on local recovery dynamics.
Insights
Research & Perspectives
A research library on non-performing loans, distressed-credit valuation and the development of Morocco’s secondary credit market.
Reference notes
Regulation9 min read
Morocco's Draft Law 02-26 and the Development of a Secondary NPL Market
A guide for international investors on Morocco’s draft law on direct transferability of non-performing loans, clearly distinguishing proposal from enacted law.
Market10 min read
Morocco's Emerging NPL Market: A Guide for Investors
An investor-oriented guide to Morocco’s non-performing loan market: stock, banking system, secondary-market development, underwriting and key risks.
Investing11 min read
Investing in Moroccan NPLs: What Investors Need to Underwrite
An investment checklist for underwriting Moroccan non-performing loan portfolios — from data room to bid, with Morocco-specific risk points.
Market
Market10 min read
Morocco's Emerging NPL Market: A Guide for Investors
An investor-oriented guide to Morocco’s non-performing loan market: stock, banking system, secondary-market development, underwriting and key risks.
Market6 min read
Morocco's Emerging Secondary Market for Non-Performing Loans
A secondary market needs sellers willing to crystallise a loss, buyers able to underwrite recovery, and an enforcement regime whose timetable can be estimated. Morocco has moved on all three, unevenly.
Valuation
Valuation11 min read
How to Value a Non-Performing Loan Portfolio in Morocco
An investor underwriting methodology for Moroccan NPL portfolios: from loan tape to bid price, with emphasis on local recovery dynamics.
Valuation4 min read
Why Recovery Timing Matters as Much as Recovery Rate
Recovery rate is the number most often quoted and the one most often used to compare portfolios. On its own it does not price anything, because it says nothing about when the cash arrives or what it costs to get it.
Valuation4 min read
Collateral Value Is Not Recovery Value
A valuation states what a property might fetch between a willing buyer and a willing seller. Enforcement is neither. The gap between the two is systematic and can be estimated, but only if each step between the charge and the cash is priced.
Valuation5 min read
Pricing an NPL Portfolio: From Face Value to Expected Cash Flows
Pricing a portfolio is not a multiple of face value. It is a cash-flow exercise carried out on segments and material exposures, with each assumption written down and each cost deducted before the result is discounted.
Regulation
Regulation9 min read
Morocco's Draft Law 02-26 and the Development of a Secondary NPL Market
A guide for international investors on Morocco’s draft law on direct transferability of non-performing loans, clearly distinguishing proposal from enacted law.
Investing
Investing11 min read
Investing in Moroccan NPLs: What Investors Need to Underwrite
An investment checklist for underwriting Moroccan non-performing loan portfolios — from data room to bid, with Morocco-specific risk points.
Reviewing a distressed-credit opportunity in Morocco?
If you are evaluating a portfolio, preparing a transaction or monitoring acquired exposures, we would be pleased to discuss the situation.