CaixaBank Explores Sale of $1.2 Billion in Soured Loans [BNN Bloomberg (Canada)]
CAIXABANK SA UNSP/ADR (CAIXY)
NASDAQ:AMEX Investor Relations:
caixabank.com/inversoresinstitucionales_en.html
Company Research
Source: BNN Bloomberg
The Spanish lender is marketing two NPL portfolios that have already attracted potential bidders, according to documents seen by Bloomberg and people familiar with the matter. One is code named Oxygen and it has an outstanding balance of €610 million on about 7,000 unpaid mortgages. The other one, dubbed Cobalto, is comprised of about €500 million in unsecured loans to small and medium-sized businesses and consumers, the people said asking not to be named discussing private information. A spokesperson declined to comment. CaixaBank, Spain's third-biggest lender, is taking the step to improve the health of its balance sheet, the people said. The bank has promised investors to keep its NPL ratio — a key metric of asset quality — below 3% this year. The bank's NPL ratio rose to 2.81%, or €10.8 billion, at the end of March, marking the second consecutive quarterly gain. The two increases were the first since CaixaBank bought rival Bankia over three years ago, according to data comp
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