LONDON Nov 13 Investkredit Bank has received
interest from a handful of funds and banks on a 350-million-euro
($444.89 million) portfolio of loans it is selling as part of
the Austrian bank's efforts to exit non-core loans, banking
sources said on Tuesday.
Investkredit is the latest bank to clean up its balance
sheet following a number of French, Spanish, UK, Irish, Greek
and Portuguese peers as the eurozone crisis hammered their
Bids were submitted last month for Investkredit's portfolio
that includes a mixture of leveraged loans, corporate loans,
bilateral and club deals, bankers said.
Bain Capital's credit affiliate Sankaty Advisers and
specialist finance company Haymarket Financial both expressed
interest in the portfolio although the latter is no longer
involved in the process, bankers added.
Other parties that have expressed interest in the portfolio
include Barclays, Deutsche Bank, private equity firms LBO France
and Triton. Some of these could have teamed up together to make
a joint bid, one of the bankers said.
Barclays, Deutsche Bank, Sankaty and Haymarket declined to
comment. LBO France and Triton were not immediately available to
The portfolio has been in the market for a couple of months
and is likely to trade at around 40 percent discount to par,
Investkredit merged with its parent Oesterreichische
Volksbanken (VBAG) on 28 September. VBAG assumed all of
Investkredit's senior and subordinated outstanding debt.
($1 = 0.7867 euros)
(Reporting by Claire Ruckin; Editing by Louise Heavens)