IlliquidX LLP, a London-based distressed debt trading platform, said it appointed Ignacio Munoz-Alonso to its advisory board as it expands in Spain.
Munoz-Alonso is also chief executive officer of London- based asset manager Addax Capital LLP. Before that he was head of European corporate and investment banking at Banco Bilbao Vizcaya Argentaria SA (BBVA), IlliquidX said today in a statement.
“We believe the Spanish distressed debt market has opened an unusual window of opportunity where much improved investor sentiment is meeting the absolute requirement for local banks to offload large portions of distressed debt at deeply discounted prices,” IlliquidX Chief Executive Officer Celestino Amore said in the statement.
The firm, founded in 2009, provides pricing and trading services for buyers and sellers of distressed assets.
Spanish banks’ bad loans jumped to 8.95 percent of their total lending in May, an 18-year high, as 3.1 billion euros ($3.8 billion) of lending soured, Bank of Spain said on July 18.
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