Spanish MARF lists over €200 million bond issue from TDA Titan asset-backed securities fund

Cuatrecasas advised US investment fund Tilden Park Capital on an agreement by which the Spanish Alternative Fixed-Income Market (MARF) admitted a new €202.3 million bond issue to trading from the TDA TITAN asset-backed securities fund.

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.

The team advising on the transaction was made up of Cuatrecasas lawyers Beatriz Causapé, Miguel Cruz, Joanes Labayen, Laura Torrecilla and Arnau Pastor.