誰(shuí)在買入

????歐洲銀行正在抓緊時(shí)間進(jìn)行瘦身,。但出售5萬(wàn)億歐元的資產(chǎn)需要時(shí)間,，也需要有財(cái)力非常雄厚的買家——國(guó)際銀行和投資公司，如對(duì)沖基金,。但現(xiàn)在看來(lái)歐洲銀行還沒(méi)有達(dá)到恐慌性拋售的地步,，因?yàn)闅W洲央行已有效地化解了銀行業(yè)的流動(dòng)性風(fēng)險(xiǎn)，它們不會(huì)在一夜之間倒閉,。歐洲銀行業(yè)有了一定的喘息空間,，有望能通過(guò)討價(jià)還價(jià)將一些資產(chǎn)賣個(gè)好價(jià)錢。鑒于歐元區(qū)危機(jī)持續(xù),，需求最旺盛的資產(chǎn)是歐洲銀行的海外資產(chǎn),。這類資產(chǎn)大多來(lái)自大銀行,。

????“我們看到歐洲銀行系統(tǒng)有幾十億歐元的資產(chǎn)在售，來(lái)自多個(gè)國(guó)家的許多銀行,，”資產(chǎn)管理規(guī)模為100億美元的對(duì)沖基金——馬拉松資產(chǎn)管理公司（Marathon Asset Management）的聯(lián)合董事總經(jīng)理和首席執(zhí)行官布魯斯?理查上上周告訴《財(cái)富》雜志（Fortune）,。“在歐盟的27個(gè)成員國(guó)中,，有10個(gè)國(guó)家的銀行出售的資產(chǎn)占到總額的90%以上,。”

????歐洲人率先開(kāi)始將海外資產(chǎn)售予資產(chǎn)所在地的銀行和投資公司,。他們也希望將海外的子公司剝離給當(dāng)?shù)劂y行和投資公司,。據(jù)理查稱，良性資產(chǎn)似乎以平價(jià)或接近平價(jià)出售,。銀行業(yè)看來(lái)不愿大幅折價(jià)出售良性資產(chǎn),，一些希望撿便宜的買家暫難如愿。

????但歐洲銀行業(yè)看來(lái)確實(shí)愿意就不良資產(chǎn)達(dá)成交易,。對(duì)沖基金經(jīng)理們告訴《財(cái)富》雜志,，已有幾家歐洲銀行和他們接觸，洽談出售幾十億歐元的貸款資產(chǎn)包,，資產(chǎn)包里滿是五花八門(mén)的不良證券化資產(chǎn),，如商業(yè)和住宅按揭支持證券。馬拉松資產(chǎn)管理公司已以六折的價(jià)格向某家歐洲銀行（銀行名稱未予披露）買入這樣的一個(gè)資產(chǎn)包,，理查預(yù)計(jì)公司在此項(xiàng)投資上的回報(bào)率至少為15%左右,。

????每個(gè)貸款資產(chǎn)包都是定制的，因此銀行和基金經(jīng)理們都在對(duì)資產(chǎn)包內(nèi)容進(jìn)行大量的盡職調(diào)查,。理查稱,，馬拉松資產(chǎn)管理公司對(duì)另一個(gè)證券化產(chǎn)品包的出價(jià)僅為兩折，因?yàn)槠滟|(zhì)量不如之前購(gòu)入的資產(chǎn)包?，F(xiàn)在還不清楚銀行是否會(huì)接受這么低的價(jià)格,，但看來(lái)他們?cè)敢饪紤]這些能幫助他們處置所有不良資產(chǎn)的提議。

????只要有歐洲央行撐腰,，歐洲銀行業(yè)就不用著急,。但如果歐洲決策層不能解決歐元區(qū)面臨的結(jié)構(gòu)性問(wèn)題，一旦歐元崩潰,，由此引發(fā)違約潮,，即便是歐洲央行也救不了銀行業(yè)。

Who's buying

????Banks have wasted no time slimming down. But the sale of 5 trillion euros worth of assets is going to take time and will need buyers with very deep pockets -- global banks and investment firms, like hedge funds. But the selling banks don't appear to be in panic mode just yet. That's because the ECB has effectively absorbed the banks' liquidity risk, which means that they won't be collapsing overnight. This has given the banks some breathing room, allowing them to negotiate some strong deals for some of their assets. Given the stress in the eurozone, the assets that are the most in demand are the banks' foreign assets. The majority of those assets seem to be coming from the big banks.

????"We are seeing billions of assets for sale from the European banking system from many banks in multiple different countries," Bruce Richards, the co-managing partner and chief executive of Marathon Asset Management, a $10 billion hedge fund, told Fortune last week. "From the 27 countries in the EU, the banks in 10 countries represent over 90% of the asset disposition."

????The Europeans are first offloading their foreign holdings to banks and investment firms where those assets live. They are also looking to spin off subsidiaries in foreign countries to local bank and investment firms. Performing assets seem to be selling at or near par value, Richards says. The banks appear unwilling to let those go at steep discounts, frustrating some buyers hoping to make a quick buck.

????But the banks do seem willing to cut a deal on those assets that aren't doing so well. Hedge fund managers tell Fortune that they have been approached by several European banks looking to offload large multi-billion euro loan packages, which have been stuffed with a hodge-podge of dodgy securitized assets, like commercial and residential mortgage backed securities. Marathon has been a buyer and managed to snap up one of those packages from an undisclosed European bank for 60 cents on the dollar. Richards expects the firm to make a return at least in the mid-teens on that investment.

????Each of these loan packages are bespoke, so banks and fund managers are doing a lot of due diligence on what's inside of them. Richards says Marathon just bid 20 cents on the dollar on another package of securitized products that were of lesser quality than the firm bought earlier. It is unclear if the banks are willing to go down that low, but it seems that they are willing to entertain such offers that could help them offload all those risky assets.

????The banks can continue to take their time as long as the ECB has their back. But if European leaders fail to fix the structural problems plaguing the eurozone, not even the ECB can save the banks from the deluge of defaults that could come from a broken euro.