Portugal’s Novo Banco (NB) and Caixa Geral de Depósitos (CGD) have two portfolios of non-performing loans (NPLs) for sale, called Harvey and Mercury, respectively. Tenders for the purchase of the respective portfolios are in the final stages and there are several interested parties in the race, and buyers/winners should be chosen on 15 October, 2021.
According to the newspaper Jornal Económico, which quotes a market source, there are three candidates in the final stage of the tender to buy the NPL Harvey portfolio and four in the final race for Mercury.
For each of the operations four interested parties have been chosen to move on to the negotiation phase, but in the case of NB one of the candidates, Bank of America Merrill Lynch, will not move forward, the paper said, adding that the three finalists for the Harvey project are the DDM Group, Deva Capital and DK Partners.
At stake are the debts of 20 single names – eight corporate and 12 real estate-related -, with the Project Harvey project encompassing NPL with a gross value of 640 million euros.
As for the Mercury portfolio, one of the four funds interested in buying is, according to Jornal Económico, the North American Cerberus. This is a granular portfolio and not of large debtors, with CGD’s portfolio being of collateralised (secured) NPL.
The Mercury portfolio comprises 100 million euros of residential NPL and a small pool of REOs [real estate owned] in the amount of 10 million euros.
Original story: Jornal Económico | Maria Teixeira Alves
Photo: CGD website
Translation & Edition: Prime Yield