Banco Sabadell has sold a portfolio of distressed assets from CAM to the US investment firm KKR for around EUR 130 million.
The sale, which was signed a few days ago, relates to the so-called “Aurora project”, with a book value of approximately EUR 500 million, according to sources close to the transaction, which were advised by Deloitte.
Bain Capital has also participated in the final bid for this portfolio, integrated by the Alicante entity’s toxic assets, which Sabadell assumed in 2011 after a bailout of the Deposit Guarantee Fund (FGD).
Nine years later, the bank presided over by Josep Oliu has managed to divest itself of the portfolio, thus concluding the Asset Protection Scheme (EPA) which it received in exchange for keeping the fund.
This sale also allows Sabadell to continue cleaning up its balance sheet, now that the merger negotiations with BBVA have failed and the group of Catalan origin wants to continue on its own and with a new management, led by César González-Bueno, who will take over from Jaume Guardiola as chief executive.
This is the second operation of this type closed by Banco Sabadell this year, after it signed the sale of a portfolio of non-performing loans to the management company Tilden Park for some 65 million euros just a few days ago.
Original Story: EFE/Expansión
Photo: Sabadell Bank site
Translation: Prime Yield
The Greek bank Attica has announced on late december that, following a resolution of the Board of Directors meeting of 30th November 2020, proceeded to the securitization and transfer of two portfolios of non-performing loans, totalling €712 million.
The bank transferred a portfolio of non-performing corporate loans/credits of a total amount of approx. €340.8 million to a special purpose vehicle (SPV) under the name “Astir NPL Finance 2020-1 Designated Activity Company» based in Ireland. Furthermore, the SPV issued and transferred to the Bank a Class A bond of nominal value of €159,000,000 (Senior Note), a Class B bond of nominal value €1,806,000 million (Mezzanine Note) and a Class C bond (Junior Note) of nominal value of €180,000,000. The bonds derive from the securitization of the above loan portfolio.
Attica also transferred a portfolio of non-performing retail loans/credits of a total amount of approx. €371.2 million to a special purpose vehicle (SPV) under the name “Astir NPL Finance 2020-2 Designated Activity Company» based in Ireland. Furthermore, the SPV issued and transferred to the Bank a Class A bond of nominal value of €190,000,000 (Senior Note), a Class B bond of nominal value €104,921,000 million (Mezzanine Note) and a Class C bond (Junior Note) of nominal value of €76,372,000. The bonds derive from the securitization of the above loan portfolio.
Original Story/source: Aticca Bank
Photo: Attica Bank Linked In
Edition/Summary/Adaptation: Prime Yield