Canada Pension Looking to Sell Spanish Distressed Debt Portfolio
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Canada Pension Plan Investment Board has put a portfolio of distressed Spanish loans up for sale, as the fund works to reduce its exposure to the country built up during the financial crisis last decade.
The sale comprises loans with a face value of around €300 million ($329 million) in unsecured, non-performing loans, according to people familiar with the matter. Canada’s largest pension fund obtained the assets bundled along with a larger portfolio and they will likely be sold at a heavy discount to par, still generating returns, the people said, asking not to be identified discussing private details.