SmithNovak’s Post

DC Advisory Spain’s Joaquín Gonzalo Mira and Pedro Afan de Ribera, spoke with elEconomista about the boom in refinancings amid the slowdown in M&A activity. Full report available to read here > https://bit.ly/3KCLo6h As reported in our latest European Debt Market Monitor, refinancing, recapitalizations, and add-ons made up 61.1% of transactions in Spain Q1 2024, according to the data gathered by our quarterly Lender Survey. The team explain why the lower M&A activity in 2023, and resulting longer term maintenance of shares, is contributing to this trend. #DebtMarkets #Spain #Refinancing #LBO #Rebound

📰 𝗜𝗡𝗗𝗨𝗦𝗧𝗥𝗬 𝗡𝗘𝗪𝗦, 𝗦𝗣𝗔𝗜𝗡: Cerberus in talks to buy €2 bn in NPLs from Hoist Cerberus Capital Management LP is one of the frontrunners to buy a Spanish bad loan portfolio worth more than €2 billion ($2.2 billion) from Hoist Finance, according to people familiar with the matter. The process is in final stages and expected to close by late July, according to the people, who cannot be named as discussions are private. Cabot Credit Management Ltd and KRUK S.A. are also vying to acquire the assets, according to the people. Officials for Cerberus, Hoist, Kruk and Cabot declined to comment.  Hoist is a long-term investor in the Spanish credit sector and the country is its third largest market by assets, at around 16%, after Italy and Poland. The Stockholm-listed company recently agreed to buy a €270 million portfolio of non-performing mortgages from Banco Santander SA, Bloomberg reported. The sale being negotiated with Cerberus is part of Hoist’s strategy to regularly sell assets to free up balance sheet for new deals. Cerberus is also in the process of trying to acquire about €7 billion in European bad loans from Norwegian debt collector Zolva Group. The loans are mostly from Spain and Norway. 🇬🇧 Read the full article in English ➡ https://lnkd.in/ep7vhhiW 🗞For more industry news, subscribe to our newsletter ➡ smithnovak.com/news 📝Browse our library of industry reports ➡ smithnovak.com/reports 📅To learn more about NPL activity in the Portuguese market, as well as around the globe, join us at SmithNovak's 6th annual 𝗡𝗣𝗟 𝗚𝗹𝗼𝗯𝗮𝗹 summit, returning to London on 2-3 October 2024 ➡ https://lnkd.in/e62MJcRa #NPL #NPE #DistressedDebt #Spain #Nonperformingloans SmithNovak

📰 𝗜𝗡𝗗𝗨𝗦𝗧𝗥𝗬 𝗡𝗘𝗪𝗦, 𝗣𝗢𝗥𝗧𝗨𝗚𝗔𝗟: Alternative Asset Manager Balbec Acquires €4 Billion in NPLs from LX Partners Alternative asset manager Balbec Capital Management has bought a portfolio worth over €4 billion ($4.4 billion) of soured Portuguese loans from Luxembourg-based LX Partners, according to a statement seen by Bloomberg News. The portfolio has more than 300,000 restructured and non-performing loans, and its purchase is one of the largest such loan transactions in recent years, Balbec said. It’s one of the biggest portfolio purchases of non-performing loans for the firm since it was founded in 2010. About two-thirds of the portfolio consists of unsecured debt, such as loans to small and medium-sized businesses, according to Balbec. The secured portion, which is one-third of the portfolio, consists of residential mortgages and other real estate loans. 🇬🇧 Read the full article in English ➡ https://lnkd.in/e-Qu6nKW 🗞For more industry news, subscribe to our newsletter ➡ smithnovak.com/news 📝Browse our library of industry reports ➡ smithnovak.com/reports 📅To learn more about NPL activity in the Portuguese market, as well as around the globe, join us at SmithNovak's 6th annual 𝗡𝗣𝗟 𝗚𝗹𝗼𝗯𝗮𝗹 summit, returning to London on 2-3 October 2024 ➡ https://lnkd.in/e62MJcRa #NPL #NPE #NPA #DistressedDebt #Nonperformingloans #Nonperformingassets #Portugal

It has been so far a remarkable week for Spanish issuers in the European bond markets on the heels of a constructive environment post US Fed September meeting.   Four names from the country have issued €6.65bn in the first three days of the week enjoying a warm welcome by investors, with Intesa Sanpaolo DCM team in Spain participating in all the trades and playing a leading role in:   1) The largest senior unsecured bond printed by Iberdrola in its history. 2) The second Senior Non-Preferred dual-tranche bond printed by Santander in EUR this year. 3) The most oversubscribed dual-tranche senior unsecured bond since early February courtesy of Naturgy in what represented the return of the Spanish utility to the bond markets since 2021.   4) We put the ice on the cake with CriteriaCaixa’s successful €500m no-grow 5yr senior unsecured bond that represents the return of the Spanish corporate to the bond markets after a four-year absence.   We do wholeheartedly thank our clients for their trust in IMI Intesa Sanpaolo. Special thanks from my side to CriteriaCaixa (Xavier Moragas, Miguel Ángel Gutiérrez Barceló) as this mandate confirms the good relationship we have been building in the last 4 years ! https://lnkd.in/dh9H6z8f

Pérez-Llorca has acted as counsel to the syndicate of banks (Banco Bilbao Vizcaya Argentaria, Santander, Crédit Agricole CIB and Investment Bank, Deutsche Bank Aktiengesellschaft and Nomura Financial Products Europe GmbH that acted as Joint Lead Managers, and NORDDEUTSCHE LANDESBANK GIROZE, that acted as Co-Manager) in relation to the issuance of 600 million euros 3.375% mortgage covered bonds (European covered bond (premium) due July 2029 by Cajamar Caja Rural, Sociedad Cooperativa de Crédito. The mortgage covered bonds were issued on a stand-alone basis, which required the approval of a Securities Note by the CNMV for the purposes of their admission to trading on AIAF. The firms team was formed by Yolanda Azanza, partner of the finance and capital markets department and Santiago Bertola Longhi, lawyer of the finance and capital markets department. Read the article >> https://lnkd.in/eXAAUXRR #IberianLawyer #legaladvisor #bondsissuance

In just a decade since its establishment, Kartesia has ascended to become one of the top 5 European low mid-market lenders, through the successful closure of 23 deals in the 2023 Reorg European Direct Lender Rankings for Low Mid-Market Debt.  #Kartesia  #PrivateDebt #EuropeanDirectLender #LowMidMarketDebt

𝐄𝐱𝐜𝐞𝐥𝐥𝐞𝐧𝐭 𝐐𝟏 𝟐𝟎𝟐𝟒 𝐅𝐮𝐧𝐝 𝐏𝐞𝐫𝐟𝐨𝐫𝐦𝐚𝐧𝐜𝐞 We're excited to share the latest update on the performance of the Daneo Swiss Residential Property Debt Fund (DSRPDF) as of Q1 2024. During the first quarter, one loan was successfully repaid, and a new loan was promptly originated, enhancing portfolio diversification with a new counterparty. With the fund fully invested, we're pleased to report a net fund performance of +1.5% for Q1 2024 and a loan portfolio gross yield of 6.8% p.a. In addition, we welcomed new subscriptions to the fund and are actively evaluating several new financing opportunities from professional real estate investors at the moment to further diversify our counterparty base. For more detailed information, please refer to the latest fund factsheet (in German): https://lnkd.in/d67pdzaE #realestate #privatedebt #privatecredit #immobilien #finanzierung #hypotheken #privatemarkets #artemon

Today Banco Santander has issued a successful €500 million ECA Covered Bond transaction, the only CB deal Santander expects to issue this year. This is the second issue of Spanish ECA CB on the market, , offering investors a unique opportunity to gain exposure to this asset class. With this new transaction, Santander continues to pursue its objective of developing the continuous growth of this business, in which Santander is a major global player. The transaction attracted the attention of the investor base from the outset at an IPTs level of MS +45bps, covering the €500mn size of the transaction within a few minutes of execution, mainly supported by German accounts. We highlight the early presence of some high-quality names at this stage.   A final book of 4 billion and > 120 investors of high credit quality allowed to set the price at MS +35#, travelling 10bps from IPTs and paying a negative NIP of -2bps. At this stage, the book was still predominantly covered by German accounts at ~43%, with the remainder very evenly spread across European investors.   The clear scarcity of paper in this asset class from Spanish issuers played an important role in today's transaction, as this is only the second covered bond priced in the geography, underpinned by the bond's nature as an ECA Covered Bond, making it an even more unique opportunity for investors to add this type of risk to their portfolios. Congrats to Santander as Global Coordinator and ING, Santander and Unicredit as JLM for such a successful outcome. José Antonio Soler Ramos, Marta Gonzalez Deprit, CFA, Gabriel Castellanos, Jaime Cruz Ballesteros, Luis Miguel Coronel León, Denis Aranburu, CFA, Elena Eyries, Guillermo Hombravella, Alberto Amo Mena

Dutch lender ABN Amro has agreed to buy private bank Hauck Aufhäuser Lampe (HAL) for 672 million euros ($730 million), strengthening its position as one of the top three wealth management firms in Germany. The sale by Fosun International (0656.HK) comes as the Chinese conglomerate, once one of the country's most acquisitive, seeks to pare down its portfolio. Germany is the largest private banking market in Europe. The purchase, which is expected to close in the first quarter of 2025, will increase assets under management by 26 billion euros and add 2 billion euros in loans. Some of HAL's units, such as those that provide alternative investment fund management or fund administration services will not be part of the acquisition. Reuters report w/ Yantoultra Ngui https://lnkd.in/g_5cRcHF

📌Our story of the week Serbian financial services company Alta Pay Group bought 30% of Addiko Bank AG, which has a strong presence in the Balkans.⬇ Why it is important Once the acquisition is completed, Alta Pay Group will become one of the leading players in the banking sector in former Yugoslavia. The big picture Alta Pay Group is seeking to take a majority stake in the Austria-based bank. The group, owned by businessman Davor Macura, is a regional payment service provider with a system of 4,100 locations across Serbia and Montenegro and a Western Union strategic partner for the two countries. The group also includes Serbia's Alta Banka. Addiko, which listed on the Vienna stock exchange in 2019, is active in Bosnia and Herzegovina, Croatia, Montenegro, Serbia and Slovenia. ⬇ ...And the details Addiko's largest single shareholder is Agri Europe Cyprus with 9.99%, followed by DDM Invest III AG (Switzerland) with 9.90%, Alta Pay Group with 9.63%, US-based Wellington Management Group LLP with 8.85% and EBRD with 8.40%. The remainder is in the hands of smaller shareholders. The Addiko Bank units in Croatia and Slovenia are among the ten biggest lenders in the two countries, while Addiko Bank AD Beograd was the twelfth largest Serbian bank in terms of assets at the end of 2023. #banks #banking #acquisitions #southeasteurope https://lnkd.in/d9uZQckt