June 2007 - Eagerly anticipated, the first NPL securitization brought to market in Germany was launched in December 2006. Bluebonnet is the first deal in an untested asset class in Germany and has received the prestigious ISR award "Deal of the Year 2006". With a volume of 1.34 billion it is the largest NPL securitization in Europe to date. The only other European jurisdiction where NPLs are known to have been securitized so far is Italy.

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