Cuatrecasas advises Tilden Park Capital on listing an asset-backed securities fund on the Spanish MARF
This asset-backed securities fund is made up of a portfolio of loans and non-performing loans (NPLs) mainly backed by mortgage loans, originated by Banco Santander and sold to the fund by BTL Ireland Acquisitions IV DAC, which also acts as the investor in the bond. The securities issued will receive a variable and contingent yield based on the performance of the portfolio assigned to the securitization fund.
This transaction reflects the trend being adopted by the non-performing asset market in NPL sale structuring. The NPL and securitization industries are finally converging, with buyers and sellers aligning in the structuring relating to post-sale distressed debt management.