Sat, Dec 10, 2016
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Hedge funds are circling Spanish banks to buy bad loans

Thursday, October 24, 2013

Komfie Manalo, Opalesque Asia:

Hedge funds and other foreign investors are circling Spanish banks to buy bad corporate debt cheaply in the latest sign that the eurozone economy is finally improving, various media reported.

In a report by The Financial Times, it said that at least 30 hedge funds and private equity groups, including Lone Star, Apollo, Cerberus, Centerbridge and Fortress have tendered offers to buy some Euro 300m non-performing portfolio of Sareb bank’s residential mortgages. It added that the portfolio called Abacus, is the first batch of bad debts that Sareb wants to dispose of after it was ordered by the Spanish government to dispose an estimated Euro 50bn in toxic banking assets.

A portfolio adviser involved in several of the deals interviewed by The Financial Times said Spain is attracting plenty of interests recently especially from investors wanting to buy bad corporate loans.

Alejandro Ortiz, a partner at Linklaters in Spain, was quoted by The Financial Times as saying, "We are beginning to see private equity groups who did not have an office in Spain hiring Spanish people and opening offices in Spain."

Spain’s gross domestic product jumped 0.1% in the third quarter for the first time after posting nine consecutive quarters of losses.

The count......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Institutions - Texas County & District culls 5 hedge funds, reallocates to existing managers, Kentucky board gives final approval to halve hedge fund portfolio, $38bn Finnish fund moves assets to U.S. as Europe flounders, South Korea’s National Pension Fund holds 5% stake in 62 listed companies[more]

    Texas County & District culls 5 hedge funds, reallocates to existing managers Texas County & District Retirement System, Austin, continues to reduce the number of hedge funds, but not the size of its $6.2 billion hedge fund portfolio. It will redeem a total of $760 million from five hedg

  2. Opalesque Roundtable: Australian family offices search for good risk adjusted returns, happy to pay for skill[more]

    Komfie Manalo, Opalesque Asia: Australian family offices want foremost good risk adjusted returns, and they are happy to pay for the skill, and in some cases, the limited capacity of an active manager. Jonas Daly, Head of Distribution at B

  3. StepStone announces close of Swiss Capital acquisition[more]

    StepStone Group LP announced it has successfully closed the acquisition of Swiss Capital Alternative Investments AG, one of the leading private debt and hedge fund solutions providers in Europe. The transaction was originally announced in May 2016, and has been in the process of receiving regulatory

  4. Investing - Stephen Cohen investing $275m in free clinics treating veterans' mental health issues, California Resources loses favor with hedge funds[more]

    Stephen Cohen investing $275m in free clinics treating veterans' mental health issues From Healthcarefinancenews.com: …Now, a new chain of free mental health clinics for vets has opened in five cities across the United States to fill the gap. The much-needed new treatment is underwritten

  5. Hedge funds flat in last week of November 'in sympathy with markets’[more]

    Komfie Manalo, Opalesque Asia: Hedge funds were close to flat in the last week of November in sympathy with markets, which took a pause ahead of the OPEC meeting and Italian referendum. The Lyxor Hedge Fund Index was -0.1% as of end November 29 (-1.7% YTD), according to the latest