Excess Spread — Fruitful collaboration, cash cows, ex factor


Market Wrap

Excess Spread — Fruitful collaboration, cash cows, ex factor

Owen Sanderson's avatar
  1. Owen Sanderson
9 min read

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Fruitful collaboration

The Orange Bank portfolio sale process has been rumbling on for a little while (Orange signalled it was getting out of the banking business in summer last year) and now appears to be heading towards a close, with KKR out in the lead for the bulk of the assets.

The total book is around €2bn across three portfolios, but the mortgage book is the most significant part. The personal loans were securitised in FCT Orange Bank Personal Loans 2020, which was redeemed at the end of May, with a final portfolio balance of around €470m. Whoever buys this book will see it pay down quickly; around €120m paid in the last year. There’s also a small corporate / SME book of around €80m. But most intriguing is the involvement of Rothesay, as first reported by Bloomberg, which is providing financing.

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