Haya - Comments

Although the Company has not confirmed, it appears that Unicaja bank has terminated Haya’s contract with Liberbank. Press reports state that Unicaja will pay a €20m termination fee but the loss of 7% of AUM for Haya will make it more difficult to refinance the upcoming November 2022 bonds.

We did not invest in Haya and previously highlighted the risk of losing this contract post the Unicaja/Liberbank merger. However, refinancing is still possible subject to the retention of Haya’s Sareb contract. Before this press report, Haya bondholders has organised, with reportedly >50% in the group. PJT and Latham & Watkins are advising. Initial discussions were focusing on Amend & Extend but recent speculation is a partial repayment and refinancing.