There is approximately 28.8bn in live NPL deals currently up for sale across 35 portfolios from 23 vendors over six European countries, according to data complied by Evercore's real estate portfolio solutions (REPS) team. Virtually the entire current live NPL pipeline 99% are secured by real estate within Southern Europe, with Italy and Spain accounting for c.13.2bn and 8.5bn of portfolios, respectively.