Prime Yield has released the 2026 edition of its flagship report, “Keep an Eye on the NPL & REO Markets”, offering fresh insights into non-performing loan (NPL) markets across Southern Europe and Brazil.

This year’s edition highlights a realignment in market performance across the regions analyzed. In Southern Europe, Portugal, Spain, and Greece all recorded reductions in their NPL stock – both on a quarterly and year-on-year basis -, contrasting with a broader European trend, where NPL volumes rose again in Q3 2025.

NPL ratios also improved across these three countries. However, market dynamics differ significantly. Spain and Portugal experienced a slowdown in transaction activity compared to 2024, reflecting more mature markets and reduced primary activity. In contrast, Greece is expected to have seen a notable acceleration in transactions in 2025, driven by the completion of two of the largest deals under the HAPS state securitization program.

In Latin America, the scenario diverges. Brazil saw a sharp increase in default levels in 2025, impacting both the financial system and consumer credit. As a result, NPL portfolio sales expanded, supported by higher volumes of distressed assets and a broader range of sellers, even within the context of a new regulatory framework for banking provisioning.

Ask us for a copy of the full 2026 report to explore a comprehensive analysis of the NPL stock evolution, ratios, and transactions trends across all covered markets.

Prime Yield has just released the 2025 edition of ‘Keep an Eye on the NPL&REO Markets’, the annual report that analyses the dynamics of NPL transactions, as well as the KPIs of this sector, in Brazil, Greece, Portugal and Spain.

Among the main conclusions of the new edition is the fact that the European markets covered by Prime Yield in terms of NPL dynamics recorded different performances in 2024, both in terms of transactions and the actual reduction of this type of credit in their financial system.

On the one hand, Portugal and Spain, where the stock of non-performing loans decreased, contrary to the dominant trend in Europe. In these two countries, the sale of distressed debt portfolios exhibited improved dynamics in 2024, fuelled by secondary market activity and corporate transactions.

Greece, on the other hand, saw its NPL stock grow for the first time in years, despite remaining at low levels and still sharply below the critical years of what was once Europe’s most worrying market. Despite the trend recorded in the defaulted credit pile stock, the sale of such portfolios slowed down compared to previous years. This is not surprising, given the country’s strong deleveraging process and the consolidation of HAPS, which will have entered its final phase after five years in force.

In Latin America, Brazil also saw an increase in NPL stock, albeit at a much slower pace than in the last two years, although this did not translate into a substantial increase of transactions. In any case, activity is robust and more diversified, but reflecting the conditions of a market that has yet to scale up as it is at a very different stage of maturity from Southern Europe.

Contact us for a copy of the study.

Speaking to Open Hub News EU, Francisco Virgolino, Managing Director of Prime Yield, explains that the secondary market is going to be one of the main drivers of NPL transactions in Iberia over 2025.

The challenges faced by this sector in both Southern Europe and Brazil set the tone for this talk, in which Francisco also discusses how Prime Yield addresses this market through its consultancy and valuation services specializing in NPL & REO.

Read the full article here.

As players all over the world are targeting these distressed assets as interesting investment opportunities, Prime Yield presents a research that provides close and specific insights over the status and deal potential in each one of these markets, aware that they are at different stages and have the potential to generate different opportunities fitting different risk profiles. The report thus aims to provide a useful tool to all players looking to be on top of the game in the competitive NPL market. The 2020 Spring Edition gives an update on the NPL status and deal potential for Portugal, Spain and Greece, as well as for Brazil, also including a look over each country’s Economy and Real Estate market.

This new edition of the research was released, first hand, on the leading European NPL event, the NPL Europe Conference. Organized by Smith Novak and held on March 5th and 6th, this event took place in London. Represented by Nelson Rêgo, the company’s CEO, Prime Yield was one of the speakers in the event.

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Under its new ownership, Prime Yield plans to expand its current presence to Spain and the rest of Europe.

20 DECEMBER, 2018- Gloval, a leading firm in valuation, engineering and real estate consulting services resulting from the integration of, among others, the companies Ibertasa, Valtecnic and VTH, announces the acquisition of Prime Yield: a Portuguese company established in several Portuguese-speaking markets, with a solid track record providing valuation of assets and real estate loans for investment funds and banking entities.

Prime Yield, registered in the Portuguese securities commission (CMVM) and certified by RICS, provides services to a wide range of clients, including large private equity firms, financial institutions, insurance companies and players from the hospitality, automotive, healthcare and logistics industries. The company has advised leading firms such as Bain Capital, KKR and Cerberus, and financial entities such as the Banco Portugués de Investimento (BPI), GE Money, Santander, BBVA and Bankinter.

Following this acquisition, Gloval will add the 80 professionals comprising Prime Yield’s staff and network, spread across its three offices in Portugal and its subsidiaries in Brazil, Cape Verde, Mozambique and Angola, to its team.

Nelson Rêgo, founder and chief executive of Prime Yield, will keep his current role and act as Gloval’s international business development manager for valuation and real estate consulting services for investment funds. Since 1998, Rêgo has developed a successful career in the real estate valuation field supporting a wide range of clients, including Banco Comercial Português (BCP), Santander, BBVA, Credit Suisse and several funds that have relied on him to acquire asset portfolios.

Rêgo said that: “For Prime Yield, joining Gloval is a unique opportunity to be part of a solid company, benefit from its extensive know-how and expand our services to other markets.”

Roberto Rey, President and CEO of Gloval, said: “This deal allows us to integrate a leading provider of valuation and real estate consulting services for large international investment firms. In addition to that, it also gives us the opportunity to expand our international footprint towards Latin America and Africa and to develop Prime Yield’s business in Spain and in southern Europe.”

Prime Yield is the sixth acquisition of Gloval after integrating the valuation companies Ibertasa, Valtecnic and VTH in 2017, and adding VT Asset and OCO in 2018: two small firms specialized in providing real estate and engineering consulting services, respectively.

Gloval has been advised in this transaction by Gómez-Acebo & Pombo (legal) and BDO (due diligence), while Prime Yield has been advised by DLA Piper (legal).

For more information, please contact:

Rocío Rivas and Álvaro Litrán

Román y Asociados

r.rivas@romanyasociados.es | (+34) 679 741 709

a.litran@romanyasociados.es | (+34) 699 322 086

Rita Ribeiro

Rita Ribeiro Comunicação

rita@ritaribeiro.com | +351 93 932 73 86 (mobile)

About Gloval

Gloval is a leading firm in valuation, engineering and real estate consulting services. The company integrates Ibertasa, Valtecnic and VTH –three preexisting brands with a solid market share, more than 70 years of accumulated experience and responsible for more than 5 million valuations–, has a team of more than 1,000 professionals, presence across Spain and also provides international coverage.

Gloval is trusted by all the key players of the real estate industry and integrates four business units, which allow the company to support its clients across the sector’s value chain: valuation, consulting, engineering and data analytics.

Under the ownership of private equity firms Charme Capital Partners and Miura Private Equity and the company’s management team, Gloval is currently carrying out a diversification strategy focused on increasing its portfolio of services, meeting the needs of new industries and expand geographically.

For more information visit www.glovaladvisory.com.

Organized by the Brazilian specialized magazine “Investidor Institucional”, this event aims to discuss changes in the property portfolios of pension funds following the new regulation Resolução 4661, as well as the impact of such changes.

The event will take place at Hercules auditorium in Pestana Hotel, between 8h30 and 13h00. Prime Yield Brazil is one of the event’ sponsors.

More info about the event, here

This was the 8th edition of the leading Pan-European event for the Non-Performing Loans (NPL) market, in which Prime Yield participated on the Portuguese market session and on the one focused in emerging markets (including Brazil). Nelson Rêgo, CEO of Prime Yield, has integrated the Portugal session, that took place in Day 1, 15h45 pm. As for the panel dedicated to Brazil, which took place also in Day 1 (12h15 pm), Prime Yield was represented by José Antonio Santos, Managing Director for Brazil. Prime Yield also released, first hand in this event, its Autumn updates on the recent researches developed about NPL markets in Portugal and Brazil, which are focused on the key data and transaction potential for 2018 and 2019 in both countries.

“NPL in Brazil: The Next (emerging) Hot Market” concludes that NPLs in Brazil are an increasingly attractive market for international investors and, at the same time, Banks in Brazil are now more open to sell NPL portfolios. As demand and supply are lining up and Economy, even if not expanding rapidly, is recovering, this opens very robust prospects for NPL transactions over the next two years in the country. In 2018, alone, the trade of NPL is expected to hit between R$36-50 billion.

Acess research

“NPL Europe 2018 – Autumn Conference” took place on 13-14th September at the Radisson Bu Portman Hotel, in London, accounting over 400 professionals of 200 companies from 35 countries. The event is organized by Smith Novak and besides presenting the key indicators and trends on NPL in Europe, hosted several sessions focused on specific European markets and also on some emerging markets in Asia and Latin America.

The report was presented, first hand, in London during the “NPL Europe – Autumn Conference 2018”, the most important European event about Non-Performing Loans. José Antonio Santos, Director of Prime Yield Brazil, participated in the conference, contributing for the panel focused on the emerging markets.

According to the report, NPL in Brazil are an increasingly attractive market for international investors and, at the same time, Banks in Brazil are now more open to sell NPL portfolios. As demand and supply are lining up and Economy, even if not expanding rapidly, is recovering, this opens very robust prospects for NPL transactions over the next two years in the country. In 2018, alone, the trade of NPL is expected to hit between R$36-50 billion.

“NPL in Brazil: The Next (emerging) Hot Market!” focuses on the potential of NPL’s transaction, also presenting the latest KPI’s on the Brazilian NPL market, Economic and property market fundamentals. The update of the report focused in Portugal- “Investing in NPL in Portugal: The Time is Now”- was also released.

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NPL in Brazil: the next (emerging) hot market! – Autumn Update
Investing in NPL in Portugal: The Time is Now! – Autumn Update

Having a double presence, the company will integrate the debates focused on Portugal and Brazil during the “NPL Europe 2018 – Autumn Conference”, to be hold in London in 13-14th September. The company will also release the Autumn updates of its NPL researches.

This will be the 8th edition of the leading Pan-European event for the Non-Performing Loans (NPL) market, a transactional area that is becoming increasingly interesting for investors in Portugal and Brazil. These will be two of the markets focused on this event and Prime Yield is invited to integrate their respective debate panels, as the company has been specializing in the NPL markets in both countries, providing consultancy and valuations services. Nelson Rêgo, CEO of Prime Yield, will participate in the Portugal session, taking place in Day 1, 15h45 pm. As for the panel dedicated to Brazil, which takes place also in Day 1 (12h15 pm), Prime Yield will, be represented by José Antonio Santos, Managing Director for Brazil. Prime Yield will also release, first hand in this event, its Autumn updates on the recent researches developed about NPL markets in Portugal and Brazil, which are focused on the key data and transaction potential for 2018 and 2019 in both countries.

“NPL Europe 208 – Autumn Conference” will take place on 13-14th September at the Radisson Bu Portman Hotel, in London, expecting the attendance of over 400 professionals of 200 companies from 35 countries. The event is organized by Smith Novak and besides presenting the key indicators and trends on NPL in Europe, will host several sessions focused on specific European markets and also on some emerging markets in Asia and Latin America.

The event will take place in June 6th, at the headquarters of Riviera Investimentos, the company that is organizing this conference and that will be kicking off communications, with an overview of the several available instruments for investing in Portugal.

Prime Yield will follow, with a presentation on the current moment of the Portuguese property market lead by Nelson Rêgo, CEO of the company. The residential market in Lisbon and Cascais, mainly focusing on prices (per sq.m) and their evolution, will be the central theme of this communication.

The half-day event will also discuss other property-related themes, as well as investment’s legal and tax planning, the opportunities open by the Non-Habitual Resident Regime and Golden Visa programmes, the capital markets and property financing.