Where the cracks show first.
The public Counterpart Health Index measures NAV-weighted aggregate stress across every European residential developer in the Avena Counterpart Network. When the index falls, capital is becoming counterpart-constrained — defaults follow. We publish the index because the only way to demonstrate the predictive power of the Counterpart graph is to publish it before the events it foresees.
AAV / AV / ABV = investment-grade · BBV = monitor · CV / DV = distressed
| Developer | Country | Score | Grade | Trend | Projects |
|---|---|---|---|---|---|
| Alegría Torrevieja S.L. | Spain | 17 | DV | deteriorating | 8 |
| Alicante Coastal Build | Spain | 26 | DV | deteriorating | 14 |
| Torreve Residential | Spain | 31 | DV | deteriorating | 19 |
| Mediterranean Build Group | Spain | 37 | DV | deteriorating | 41 |
| Metrovacesa | Spain | 58 | BBV | deteriorating | 178 |
How the index is computed.
NAV-weighted average of counterpart_score across every tracked developer in the Avena Counterpart Network. NAV weighting prevents small under-resourced developers from dominating the signal; large incumbents move the index more.
Each developer's underlying score is updated daily by drift from: active legal disputes, court judgements, payment-delay signals, delayed/cancelled projects, financial-stress score. Snapshots persist to counterpart_health_history at month-end UTC.
Six grades map to the score:
AAV ≥85 · AV 75-84 · ABV 67-74 · BBV 55-66 · CV 42-54 · DV <42
The Counterpart graph's value depends entirely on whether it flags stress before it happens. Publishing the index — with a permanent URL, daily snapshots, and the underlying score-grade distribution — creates an irreversible public record. When a developer in the universe defaults, the score history is already written.
Credit insurers, mortgage lenders, REIT analysts, and sovereign desks can subscribe to monthly published cuts at research@avenaterminal.com. The public index is free; institutional cuts (developer-level deep dives, contagion-modelling outputs, custom universe definitions) are part of the institutional tier.
Counterpart Network · /counterpart · CC BY 4.0 · cite DOI 10.5281/zenodo.19520064