Sat, Mar 7, 2015
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. SkyBridge opens office in Palm Beach County[more]

    Where better for a southern location than South Florida? SkyBridge Capital, which is headquartered in New York, has opened an office in Palm Beach Gardens. Palm Beach Gardens is a "Signature City" in northern Palm Beach County, with a population of around 49,000.

  2. Outlook - Philippe Jordan predicts 'alternative beta' to displace hedge funds, Stan Druckenmiller says Europe, Japan stocks will outpace U.S.[more]

    Philippe Jordan predicts 'alternative beta' to displace hedge funds From Investordaily.com.au: The disappointing performance of hedge funds in recent years is a result of "too much money chasing too little alpha", argues Capital Fund Management. Speaking to InvestorDaily, CFM partner Phi

  3. Patrick McCormack to shut down hedge fund Tiger Consumer[more]

    Komfie Manalo, Opalesque Asia: Patrick McCormack is shutting down his hedge fund Tiger Consumer Management after 15 years "to spend more time with his family," reported Reuters. Tiger Consumer ended February up 4.6% (+3.9% YTD) and assets roughly $1.4bn, reported

  4. Investing - As rig count falls, hedge funds pile into long crude futures, Parus tactically shifts long/short exposure ratios, Mario Draghi outflanking Kuroda as bearish euro bets surge, Prime Capital’s 500.com bet derailed after 41% drop[more]

    As rig count falls, hedge funds pile into long crude futures From 247wallst.com: In the week ended February 27, the total number of rigs drilling for oil in the United States came in at 986, compared with 1,019 in the prior week and 1,430 a year ago. Including 281 other rigs mostly drill

  5. Outlook - 5 reasons why 2015 is looking like a breakout year for alternative investments, Hedge fund manager Dan Loeb predicts disappointment for funds seeking energy distress[more]

    5 reasons why 2015 is looking like a breakout year for alternative investments From Forbes.com: …After a strong 2014, the public markets have been off to a choppy start in 2015. This year, savvy investors may be looking for alpha elsewhere. For many institutions and high-net-worth indivi