HAYA: Left Pocket to right pocket.

All,

Please find our unchanged model here.

While the shareholder's purchase of a portfolio of real estate assets from Cajamar marks the first significant portfolio transaction in the Spanish market since Covid outbreak and reassures investors that Cerberus are still involved in the NPL space, it is still only of de minimus size, a face value of c.€500m.

Limited impact:

However, it shouldn’t move the bond price as it is highly probable that Haya are already managing these assets under their €4.5bn Cajamar contract. The Cajamar contract is for 10yrs (expiry in 2024) and Haya has exclusivity for the management and commercialisation of the assets.
Therefore, we don’t think this transaction will increase the AUMs for Haya albeit they should earn some additional transaction fees when the deal closes later this year (c. €10-15m).

Happy to discuss.

Tomás
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