Market Overview – March 2026

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As we kick off 2026, the Nordic NPL market continues to show strong activity and growing interest from both established players and new investors. Looking back at the end of 2025 and the start of this year, several trends have become clear about the market’s structure, buyer landscape, and overall momentum.

A notable development has been the SDR (Specialised Debt Restructurer) qualification achieved by Myntro (formerly Rediem Capital/Alektum) and Hoist Finance. This gives them key regulatory and capital advantages when acquiring and managing NPL portfolios, cementing their position as some of the leading buyers in the region.

We’ve also seen continued activity from global alternative investors. For example, Cerberus Capital Management acquired Brocc Finance in late 2025, strengthening its presence in the Nordic NPL market and increasing competition on the buy side.

Interest isn’t limited to global players. Arktika Capital has entered the Nordic acquisition space, picking up portfolios such as recent unsecured Bank & Finance portfolio from Morrow Bank, broadening the investor base and bringing additional capital to the market.

Nordic banks have remained active on the sell side, reducing NPL exposure and managing balance sheets. Several notable Nordic NPL transactions have been executed in the past half year.

As mentioned, Morrow Bank agreed to sell an unsecured Swedish NPL portfolio of roughly SEK ~440 m to Arktika Capital (expected to close in Q2 2026), and earlier in 2025 divested NPL exposures in Finland. Norion Bank completed an NPL sale of approximately SEK~ 430 m to Brocc/Cerberus, reducing future backstop capital deductions. Instabank ASA has also divested NPL portfolios in Finland and Norway with a combined gross value of approximately NOK ~287 m reflecting continued sell‑side activity across the Nordic region. These deals highlight ongoing sell‑side activity and sustained demand from both local and international buyers.

We’re also seeing structural moves among banks: Lea Bank and Morrow Bank relocated their operations from Norway to Sweden, and Morrow shifted its listing from Oslo to Nasdaq Stockholm. Several portfolios are currently on the market with significant volumes, and some larger transactions are in early stages, aiming to close before summer 2026.

At the same time, most Nordic niche banks are showing growth. This appears to be driven both by market optimism and by smaller credit companies being acquired or exiting the market. Nordiska Bank is a strong example, having acquired Finnish credit portfolios from Alisa Pankki and recently agreeing to acquire Bliq AB, further expanding its consumer finance portfolio and presence in the region.

Forward Flow and One-Off transactions continue to be the main ways NPL portfolios are transferred in the Nordic market. While securitisation remains an option, sellers often prefer simpler structures to avoid the operational and administrative burden. Large “true-sale” NPL securitisations have not yet become widespread, but the Nordic regulatory environment covering both traditional and synthetic structures is improving.

Looking ahead, we expect high activity to continue through 2026, with new buyers entering the market and a growing pool of capital chasing Nordic opportunities. Positive macroeconomic signals and stabilising interest rates have supported portfolio performance so far, though geopolitical uncertainty and economic developments remain factors to watch. Overall, market optimism remains strong and the region is well-positioned for active NPL transactions and investments.

At Helix Ice, we continue to work closely with both sellers and investors to identify opportunities, structure transactions, and facilitate investments across the Nordic NPL market. If you’re planning a visit to the Nordics, we’d be happy to meet and share insights on the latest trends.

Market Overview – September 2025

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As we enter the final quarter of 2025, we at Helix Ice remain committed to sharing our insights and updates from the Nordic NPL market. This year has so far followed the patterns we anticipated, and activity levels have confirmed a stable landscape for both sellers and investors.

While summer is often a quieter period for the NPL market, 2025 has shown continued activity across several Nordic markets, particularly Sweden and Finland. Demand is growing, primarily driven by niche banks preparing more portfolios for sale. At the same time, we have seen an entry of larger international investors who have made their first investments in the Nordic NPL market. With fewer delays and a shift from ‘wait-and-see’ strategies to more concrete discussions and closed transactions, the market now offers attractive entry points and strong IRR potential for investors ready to act.

The growing interest from investors to establish a presence in the Nordics confirms the perception of the region as a stable and well-regulated market with strong operational partners and reliable collection infrastructure. We continue to support these investors by identifying opportunities, structuring investments, and creating clear paths to successful execution.

A notable recent transaction is Hoist Finance’s expansion into Finland, where they acquired a medium-sized portfolio from Lowell – marking Hoist’s first portfolio acquisition in Finland. This illustrates the growing confidence from established players in the Nordic market. At the same time, rumours suggest Lowell may be exploring a divestment of its Nordic operations, indicating further potential shifts in market structure and ownership.

We are also seeing the impact of new regulatory developments in Sweden, with updated rules on consumer lending and additional licensing requirements to follow in 2026. These changes raise the regulatory bar and may lead to consolidation as smaller players exit. For established actors, this opens new opportunities – creating a healthier and more professional investment environment with improved transparency, higher-quality portfolios, and increased investor confidence.

In parallel, the UK market has seen notable activity with potential relevance for the Nordics. In June, NorthWall Capital acquired the £277 million securitisation from Lowell. The deal highlights continued institutional appetite for structured NPL investments and confirms the viability of scalable securitisation platforms – a model that could increasingly be replicated in the Nordics.

While traditional Forward Flow and One-Off transactions remain the preferred options for sellers in the Nordics, interest in structured solutions remains strong, with two securitization transactions communicated by Marginalen Bank and Avida Finans this summer. Appetite for these types of deals continues to grow, even though administrative burdens remain a challenge.

It’s also worth noting the ongoing momentum among Nordic niche banks going public. Enity IPO’d on June 13th, and NOBA Bank—the largest niche bank in the Nordics—has announced plans to list on Nasdaq Stockholm before the end of September. This follows the strong performance of TF Bank, Norion Bank, and Enity, all with rising stock prices through 2025, signalling growing market attention and confidence.

We remain optimistic about the remainder of 2025. Our pipeline suggests sustained high activity with several sellers preparing year-end transactions and early tenders for Q1 2026 sales.

2026 looks to be an even more active year, with increased market maturity, broader investor interest, and continued innovation in deal structures. Positive economic signals in the region, combined with strong operational performance from collection partners, provide a solid foundation for value creation.

Feel free to contact us for a dialogue regarding the NPL market and to discuss upcoming transactions, different types of securitization solutions, market opportunities, or strategic collaborations. If you’re planning to visit the Nordics, we’d be happy to meet up. Reach out to schedule a meeting.

Nordic Market Overview, March 2025

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Nordic Market Overview, March 2025

Bank & Finance, attractive IRR-levels in the Nordics

Stockholm 2025-03-13

Market overview:

We at Helix Ice continue to share our knowledge regarding the latest trends and business information for the Nordic NPL market.

Who´s buying in the Nordics and when is it the best time to sell NPL portfolios? That has the two most frequent asked questions for more than a year now that I´m being asked from sellers of NPL portfolios, especially within Bank & Finance. We currently have openings in some segments, in which not so many NPL buyers compete, which gives us a good opportunity to invest at attractive IRR levels. Our deal pipeline also looks good for the coming year as we notice a high, steady yearly volume of NPL portfolios coming out to the market from our bigger established niche banks.

Securitizations is still an option in the Nordics for NPL portfolios and we have been part of setting up that for the last years but it is also obvious that the Sellers, if they can choose, still wants to go with an ordinary FF or OO deal. This as the administration work for a new securitization, even if they already been involved in one earlier, is time consuming and the administration work too heavy for the department in the bank taking care of the sale of NPL portfolios.

We had a good couple of days at the DDC Investor Summit in Prague last year which gave us interesting ideas for new type of structures that we could implement in the Nordics. In the end of March, we will participate in London at NPL Europe 2025 hosted by SmithNovak. Always an interesting event with a lot of chances to meet up with colleagues from the industry and a chance to meet up with potential investors. If you also will attend, let us know and we can try to find a slot to meet up with you.

We have noticed an increasing interest from bigger investors to enter the Nordics and are looking forward to guide some of them to their first investments in this region. During 2025 we see a big potential for upcoming unsecured Bank & Finance NPL portfolios in the Nordics on attractive IRR levels.  We have both the investment structure ready and the established contact with Sellers.

Feel free to contact us for a dialogue regarding the NPL market in the Nordic region and to discuss different type of securitization solutions, market opportunities or different type of collaborations. And if you plan to visit the Nordics, lets meet up in Stockholm, Copenhagen, Oslo or Helsinki to discuss your views on the latest trends in the NPL portfolio business. We at Helix Ice are always interested in sharing knowledge regarding the upcoming NPL transactions across the Nordics and talk about different type of solutions for how you can get best possible return of investment.

Nordic Market Overview, September 2024

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Nordic Market Overview, September 2024

Stockholm 2024-09-18

Still the buyer’s market

Market overview:

We at Helix Ice continue to share our knowledge regarding the latest trends and business information for the Nordic NPL market.

Too much is going in the Nordic NPL market at the moment to wait with an ordinary NMO Half year report from our side.  Who´s buying in the Nordics and when is it the best time to sell NPL portfolios? That’s still the two most frequent asked questions right now that I´m being asked from sellers of NPL portfolios and with less buyers active in Europe and the Nordic some segments are actually not having more than a couple of possible buyers right now. The need for other solutions than the old traditional Forward flow and One off is obvious and we also see that the Nordic market now have got used to different type of securitizations. NOBA, Marginalen Bank, Hoist and TF Bank have all communicated different type of structured solutions for the NPL market and we continue to see performing loans being sold and with that the consolidation of the Bank & Finance market continues. We already mentioned in our last NMO that we probably would see this and it´s always great to be right. In June we attended the Global ABS in Barcelona, a great arena to meet up and discuss new and established type of structured solutions and to share knowledge between industries on how to make investors feel comfortable with the different setups. Read more about our findings from that visit here: Global ABS 2024 – Helix Ice 

In the end of September, we will participate at the DDC Investor Summit in Prague and we are really looking forward to several interesting meetings and sessions. Let´s meet up for a 1:1 meeting if you plan to be there.

New collaborations, securitization structures to finance bigger deals and a more open-minded view on new type of deal setups makes the Nordics a very interesting region at the moment and we have continued to help our investors to invest in both Telecom and Bank & Finance portfolios the last 12 months, still with focus on the unsecured B2C debts. Second quarter of the year is always interesting, especially in Sweden, when it comes to the collection rates as we have two tax return months during that time period. We are very pleased with the outcome of the tax return this year and now see more and more positive signals in the different Nordic economies. We continue to keep up the close collaboration with our different debt collection servicing partners and keep a focus on high activity rates to keep up the contact with the debtors to help them find the best possible way to get debt free.

Feel free to contact us for a dialogue regarding the NPL market in the Nordic region and to discuss different type of securitization solutions, market opportunities or different type of collaborations. And if you plan to visit the Nordics, lets meet up in Stockholm, Copenhagen, Oslo or Helsinki to discuss your views on the latest trends in the NPL portfolio business. We at Helix Ice are always interested in sharing knowledge regarding the upcoming NPL transactions across the Nordics and talk about different type of solutions for how you can get best possible return of investment.

My experience at Global ABS 2024: a journey through the world of structured finance

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Ever heard of the Global ABS conference? It’s the powerhouse event for structured finance professionals, and I was thrilled to attend this year’s edition in Barcelona. For 28 years, this event has been the go-to place for professionals looking to network, learn, and make deals. With around 5,000 attendees and 100 exhibitors, the conference offered an unparalleled opportunity to dive into the latest market trends, regulatory developments, and innovative financial products. Here are some of the key highlights and my personal takeaways from the event.

Some of the companies represented at the conference were SEB, Kredinor and Danske Bank from the Nordic market, together with international players like the investment banks JP Morgan, Deutsche Bank, and Santander CIB. Rating agencies such as Moody’s and Fitch were also present, along with a significant number of law firms, which had a very strong representation among the attendees. This diverse mix of participants highlighted the global reach and influence of the conference.

Day one: Diving into global markets and Fintech innovations

Seminars Attended:

  • Global ABS markets: The discussion around public-private partnerships made me realize the potential for these collaborations to drive market growth. The dynamic between domestic and international demand and how prudential regulation influences bank vs non-bank supply was a hot topic.
  • Advancements in Fintech: I was captivated by the latest developments in Fintech, particularly the integration of Distributed Ledger Technology (DLT) and AI in capital markets. One speaker humorously quipped, “AI won’t take your job, but someone who knows how to use it might!”
  • Using securitisation to finance the transition: This session was eye-opening, highlighting how ABS can support green initiatives like wind and solar energy. The discussion on the challenges of financing electric vehicles was particularly engaging.

My thoughts: The first day was an eye-opener. I learned a lot more about structured finance and how ABS can be utilized to spread risk in investments. The atmosphere was buzzing with energy and excitement. The discussions on how ABS can support ESG initiatives were both enlightening and motivating.

Day two: pitching, partnering, and emerging opportunities

Seminars Attended:

  • Emerging asset classes: The session on digital infrastructure, music, and sports securitization was fascinating. The idea of securitizing music royalties opened my eyes to how finance can innovate in unexpected areas.
  • Evolution of specialty finance: This seminar provided a deep dive into the risk vs. reward landscape of specialty finance.
  • ESG Methodologies, Analytics & Disclosure: The importance of standardized ESG disclosures across countries was a key takeaway. The debate on regulatory alignment was particularly spirited.

My Thoughts: The second day was a whirlwind of meetings and pitches. I had the chance to present Helix Ice’s services and our upcoming products to potential partners and industry peers. The seminars offered a glimpse into how ABS can be leveraged to create new market opportunities and asset classes.

Day Three: Shaping the Future of Finance

Future leaders workshop: Being invited to the Future Leaders Workshop was a highlight of the conference. This initiative is designed for those identified as the next generation of leaders in capital markets. Two people stood out in particular: Janet Oram from the seminar What does excellence look like? and Rob Ford from the seminar What I wish I’d known. Janet’s insights on defining and achieving excellence were incredibly inspiring, while Rob’s retrospective on his career provided valuable lessons and practical advice.

We had some great discussions among us participants, and I got to explore differences and commonalities such as work-life balance and career motivations with like-minded professionals at similar levels of experience from around the world.

Exploring Barcelona

Beyond the conference, I had an amazing time exploring Barcelona for the first time. The city’s stunning architecture, long sandy beaches, and delicious food—empanadas, tapas, and paella—really hit the spot. I enjoyed the mix of old and new architecture throughout the city; it truly felt like the city has grown organically over time. The vibrant atmosphere of the local markets and the energy of the city’s nightlife added to the charm of my visit.

Conclusion

Overall, the Global ABS 2024 was an incredible experience that enriched my understanding of structured finance and provided numerous opportunities for networking and professional growth. From deep dives into global market dynamics and fintech advancements to exploring new asset classes and participating in the Future Leaders Workshop, the conference was a blend of education, inspiration, and practical insights.

Thinking about attending Global ABS next year? Here’s my advice: dive in with an open mind, be ready to network, and don’t be afraid to ask questions. I left Barcelona with new knowledge, valuable connections, and a refreshed perspective on the future of finance. I’m already looking forward to next year’s event!

By: Leo Brouwers, Senior investment manager

Nordic Market Overview, H1 2024

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Stockholm 2024-04-03

A lot of changes – we love it!

Market overview:

We at Helix Ice continue to share our knowledge regarding the latest trends and business information for the Nordic NPL market.

Who is buying in the Nordics and when is it the best time to sell NPL portfolios? That’s the two most frequent asked questions right now and I have had several calls and meetings the last months with sellers that needs to sell but really can’t find a perfect match out there. And now we are talking about established sellers in both Bank & Finance and Telecom. We also notice that old portfolios are coming back out again to the market to test if the appetite for that portfolio have changed since last time. Last month we attended NPL Europe 2024 in London, yet another great event arranged by SmithNovak, and as always it gave us a lot of market insight and a chance to connect with new potential co-investors but also to meet up and discuss different opportunities with colleagues in the business. At that event and in meetings after, we got confirmation on that a lot of deals are being withdrawn from the market because the sellers and buyers can find the perfect match. Approximately up to 70-80% of the deals have been withdrawn the last 12 months and with that it takes of course a much longer time to get a deal closed but also that we have bigger volumes to choose from with a buyer perspective.

At the same time the big shift continues in the Nordics with some debt collection companies leaving different markets and some buyers are stepping down and changing focus to be more of a servicing company than a buyer and vice versa. Axactor, Intrum and Lowell are all examples of that and we also now see more opportunities regarding M&A in the Nordic market. Within the next nine months we believe that we will see new ownerships and new collaborations within debt collection and debt purchase in the Nordics announced. Very interesting times right now in the Nordics with a lot of changes and we love to be around that type of environment!

New collaborations, securitization structures to finance bigger deals and a more open-minded view on new type of deal setups makes the Nordics to a very interesting region at the moment and we have continued to help our investors to invest in both Telecom and Bank & Finance portfolios the last 6 months, still with focus on the unsecured debts. First quarter of the year is always challenging when it comes to the collection rates in the Nordics but we are still in line on almost all NPL portfolios. This as we work closely with our different servicing partners and keep a focus on high activity rates to keep up the contact with the debtors to help them find the best possible way to get debt free.

Feel free to contact us for a dialogue regarding the NPL market in the Nordic region and to discuss different type of securitization solutions, market opportunities or different type of collaborations. And if you plan to visit the Nordics, lets meet up in Stockholm, Copenhagen, Oslo or Helsinki to discuss your views on the latest trends in the NPL portfolio business. We at Helix Ice are always interested in sharing knowledge regarding the upcoming NPL transactions across the Nordics and talk about different type of solutions and how you can get best possible return of investment.

Our investment structure in the Nordics is now well established!

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Third year in a row for Helix Ice with deals worth +100 MEUR in the Nordics and we can now see that the type of structure, that we introduced to the Nordic market in the beginning of 2021, is now in similar arrangements being established by others as well. 

We have administrated the launch of four different SPV:s and have during 2023 seen a dramatic change in how the Nordic market have changed when it comes to investors, buyers and servicers. 

Hoist Finance, North Wall Capital and Cerberus have in different type of deals acquired Nordic NPL portfolios and we know that some other, more unofficial deals with other investors in the background, also have been taking place. Tenders regarding NPL portfolios in the Nordics, especially within Bank & Finance, now have less buyers involved and we also see that some banks are looking into other solutions than the traditional way of working with auctions and bidders. For example, Lowell and Resurs Bank announced a partnership with a securitization solution for the NPL portfolios in Sweden, Finland and Denmark. That type of structure is similar to the ones we have been setting up and we have noticed a big attention from other banks in the Nordics to look into these solutions.

We have kept a share of about 85% of our deals value in the Bank & Finance segment and 15% in the Telecom segment. Looking at the deal pipeline for 2024 and the dialogues that are taking place right now, we believe that the Bank & Finance segment in the Nordic region is still the most interesting when it comes to opportunities for investors as a lot of banks are looking to sell of their NPL portfolios.

We have had challenges when it comes to the collection rates in the Nordics but are still in line or just above our forecasted collections on almost all NPL portfolios. This as we work closely with our different servicing partners and keep a focus on high activity rates to keep up the contact with the debtors to help them find the best possible way to get debt free.

Feel free to contact us for a dialogue regarding the NPL market in the Nordic region and to discuss different type of securitization solutions, market opportunities or different type of collaborations. And if you plan to attend the NPL Europe 2024 in London hosted by SmithNovak in the beginning of March, lets meet up and discuss your views on the latest trends in the NPL portfolio business. We will be there as we see it as a perfect place to share and gain new knowledge regarding the upcoming NPL transactions across Europe and talk about different type of solutions.

Helix Ice to Sponsor the NPL Europe 2024 summit

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Helix Ice is proud to be a sponsor of the NPL Europe 2024 summit taking place on 6-7 March in London (see link).

Hosted by SmithNovak, the 14th edition of this international summit provides a platform for the Non-Performing Loans professionals from all over Europe to network and discuss the latest opportunities and market challenges.

More information here: www.smithnovak.com/npl.

Nordic Market Overview, half year report H2 2023

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Stockholm 2023-11-23
Market overview: We at Helix Ice continue to share our knowledge regarding the latest trends and business information for the Nordic NPL market.

In our last NMO we had a cliffhanger about that July started really well. We helped our investors to win home both Forward flow an On Off deals just before the summer vacation started and after that we have had a very interesting autumn when it comes to new business opportunities.

The Nordic NPL market continue to be the buyer’s market and we have seen several examples now the last year of sellers adjusting their expectations and accepting a lower price on portfolios than before. The forecasted NPL volumes, especially in the bank & finance segment, for the coming 12 months in the Nordics are on really high levels and our last business trip to London gave us similar information regarding most of the other European markets as well. We can now also see that potential co-investors are ready to invest in the Nordics on single digit level when it comes to expectations regarding the annual percentage rates. Intrum have left a handful of their European markets and are now in the phase of leaving more markets and to focus even more on debt collection servicing, Kredinor is mentioned as one of the buyers that now are adjusting their FF contracts. With a couple of the bigger players taking a step back it opens up for others to make some great deals and for new investors to step into the Nordics. Very interesting future, we would say.

Collection forecast is still met in most of the deals, but we absolutely see the effect of the macro-economic situation across the Nordics and are working closely with our servicing partners to find the best way forward to keep up the contact with our debtors. 

Please feel free to contact us for more dialogues and opportunities around the Nordic NPL market, we love to share our knowledge.

Have a great Christmas shopping!

/COO, Johan Gustafsson

September update – Swedish household economics overview

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Understanding Household Debt in Sweden

In recent years, Sweden has seen significant developments in its economic landscape, particularly in the realm of household debt. This blog post provides an overview of key reports and statistics, shedding light on the current state of affairs in Sweden’s financial sector.

SCB: Labour Force Surveys

The Labour Force Surveys offers insights into the Swedish labour market. As of July 2023, the unemployment rate stands at 6.2%, a slight decrease from the previous year. The employment rate has seen an increase of 1.3%, demonstrating a positive trend in employment figures. These statistics play a pivotal role in assessing the overall economic health of the nation.

SCB: Consumer Price Index

In July 2023, Sweden experienced an inflation rate of 9.3%, indicating a significant increase in the general prices of goods and services compared to the previous year.

 Notable increases in charter holiday and food prices were primary drivers of inflation. These price hikes were likely influenced by post-pandemic travel demand and supply chain disruptions, as well as factors affecting food production costs.

Despite rising prices in certain categories, falling electricity prices played a role in stabilizing the overall consumer price index. Decreasing electricity costs were influenced by various factors, including energy market dynamics and regulatory changes.

 Economic Tendency Indicator

The Economic Tendency Indicator for August 2023 experienced a decline of 2.5 points, settling at 85.2. This drop was primarily attributed to subdued sentiments in the service sector, which has become the most pessimistic part of the business sector. The manufacturing industry, on the other hand, saw a slight decline, mainly due to diminished expectations for future production.

SCB: Swedish Debt Analysis

A detailed analysis of Swedish household debt reveals that Sweden ranks third in the EU for highest per capita debt. Over the years, easy access to loans and low-interest rates have fuelled a significant increase in Swedish household debt, impacting financial stability. While the majority of debts are housing-related, the vulnerability of households to interest rate hikes is a cause for concern, largely due to a preference for variable interest rates. Even small rate hikes can have substantial financial implications.

FI: Mortgage Report

Swedish mortgagors are grappling with growing financial pressure due to rising interest rates and inflation. New mortgagors, in particular, are affected, with an average of 12% of their disposable income going toward interest payments. This is nearly triple the 2021 percentage and represents the highest level recorded in FI’s surveys. Interest rate payments are expected to climb to nearly 16% of disposable income by the end of 2023, further intensifying financial stress.

FI has implemented measures like amortization requirements and a mortgage cap to reduce risks associated with household borrowing. This has led new mortgagors to borrow less and opt for more affordable homes.

Sources:

https://www.fi.se/en/published/news/2023/20232/rising-interest-costs-putting-pressure-on-mortgagors/

https://www.scb.se/hitta-statistik/artiklar/2023/svenskar-har-hoga-skulder-jamfort-med-andra-europeer/ (in Swedish)

https://www.scb.se/en/finding-statistics/statistics-by-subject-area/prices-and-consumption/consumer-price-index/consumer-price-index-cpi/pong/statistical-news/consumer-price-index-cpi-july-2023/

https://www.scb.se/en/finding-statistics/statistics-by-subject-area/labour-market/labour-force-surveys/labour-force-surveys-lfs/

https://www.konj.se/english/publications/economic-tendency-survey/economic-tendency-survey/2023-08-30-gloomy-signals-from-the-service-sector.html