Tue, Sep 19, 2017
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. Public quant funds aren't always what they seem[more]

    From Bloomberg.com: Quantitative equity strategies are a fast-growing retail product. There is more than $150 billion in quant equity public mutual funds, and such ETFs are on track to top $1 trillion this year. Unfortunately, there's little agreement on what these funds are. The two most common def

  2. Institutions - Canada's pension funds lever up[more]

    From Institutionalinvestor.com: Canadian pension plans are among the most admired institutional investors for their prowess as money managers. Now pension plans in Canada are upping the ante, increasingly issuing long-term bonds and using the borrowed money, or leverage, to try a

  3. Manager Profile - The three quants in their 20s running a hedge fund making $1 billion of trades daily[more]

    From Forbes.com: In an office overlooking downtown Boston, the views are partially obscured by math formulas and technical drawings that have been scribbled on the windows. Wearing a T-shirt with the words "machine earning" printed on it, Luca Lin says the formulas are being developed to help trade

  4. News Briefs - Iron Cove Partners launches hedge fund manuscript management & professional liability insurance policy, Private equity, hedge funds eye bizav financing market. Blue Capital halts ILS fund buy-backs as hurricane Irma approaches[more]

    Iron Cove Partners launches hedge fund manuscript management & professional liability insurance policy Iron Cove Partners, a national insurance brokerage specializing in the needs of the alternative asset management community, today announced the launch of its newest insurance product, th

  5. Asia - Hedge funds used to love shorting China. Now, not so much, Fledgling China FoFs require careful use: NCSSF, Amac, Japanese banks turn to PE, hedge funds for returns[more]

    Hedge funds used to love shorting China. Now, not so much From Bloomberg.com: A sharp devaluation. A credit crisis. And an economic hard landing. That's what some of the biggest names in the hedge fund industry were predicting for China after the nation's stocks and currency tumbled in 2