Sun, Nov 29, 2015
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. Other Voices: Hedge fund marketing and the selling cycle[more]

    By Bruce Frumerman. How long is the selling cycle now? That’s a question my financial communications and sales marketing consulting firm has been asked on a regular basis by hedge fund firm owners and sales people, ever since we opened the doors to our firm in 1987 pre-crash. Wa

  2. People - Solus Alternative Asset Management adds chief strategist from BTIG[more]

    From Daniel Greenhaus joined hedge fund manager Solus Alternative Asset Management as managing director and chief strategist. He will work closely with Chris Bondy, Solus’ chief economist, managing director and executive vice president, said Chris Pucillo, CEO and chief investmen

  3. Opalesque Roundtable: Seeding deal terms can be onerous for hedge funds[more]

    Benedicte Gravrand, Opalesque Geneva for New Managers: Executives from fund of funds firms, family offices, a placement agent, a private equity firm, and an accounting firm gathered in Connecticut last month for the

  4. Opalesque Roundtable: Family offices flock to co-investment[more]

    Bailey McCann, Opalesque New York: Co-investments have been a hot topic for pension funds in recent years, as they try to move away from high fees and improve transparency. But now, family offices are more readily getting into the mix and establishing in-house deal teams, according to the delega

  5. More institutional investors invest in CTAs compared to last year despite dissatisfaction with performance[more]

    Benedicte Gravrand, Opalesque Geneva: "Despite a strong start to 2015 for CTAs in Q1, commodity market conditions have made return generation difficult for fund managers over much of the rest of the year to date," says Preqin’s November