Cajamar has sold another portfolio of non-performing loans (NPLs) to Waterfall Asset Management. Cajamar has been one of the most active banks in this type of transaction to improve the risk profile of its balance sheet in recent years.
Waterfall Asset Management, LLC is an SEC-registered institutional asset manager focused on structured credit (asset-backed securities and loans) and private equity investments.
This effort has enabled it to lower its NPL ratio from the 18.65% it had reached in 2014 to the 2.9% recorded at the end of last September -the latest data published- and which compares favourably with the 3.77% average for the sector in October, according to Bank of Spain statistics.
Banks have accelerated the clean-up of balance sheets in recent months in anticipation that defaults will pick up with the steep rise in the Euribor and soaring inflation, which is putting pressure on households and businesses.
Uría Menéndez advised Cajamar with a team made up of partner Ángel Pérez López, together with senior associates Raquel Yannone Obregón and Cristina Puerta Ruiz de Azúa, junior associates Rafael Ruiz-Gallardón and María Pecci Terroba and graduate Ainhoa Ocáriz de Frutos.