773
773
  • Transaction / Assets
    Project Nata 2
  • Seller
    Novo Banco
  • Buyer
    Davidson Kempner
  • € MM
    330

Novo Banco Sells Project Nata 2 to Davidson Kempner

5 September 2019- Novo Banco will sell Project Nata 2, a portfolio of NPLs with a gross value of 3.3 billion euros, to the US fund Davidson Kempner. Nata 2 includes large non-performing loans to groups including Ongoing, Joaquim Oliveira and Moniz da Maia.

The two groups have yet to disclose details of the transaction, but market sources believe that the portfolio may be sold with a discount to its face value of up to 90%. Many of the loans are considered to be very difficult to recover. Such a discount would value the portfolio at roughly 330 million euros. Any losses above the existing level of impairments would entail further injections of capital for Novo Banco from Portugal’s Resolution Fund.

Original Story: Economia Online – Alberto Teixeira

Adaptation/Translation: Richard D. K. Turner