Tags: Lasry | Invest | European | banks

Hedge Fund King Lasry: Invest in European Assets Now

Friday, 09 Dec 2011 08:13 AM

Now is the time to invest in European assets because as tough new financial regulations kick in, banks will be selling them off at attractive rates, says billionaire hedge funder Marc Lasry, co-founder and CEO of Avenue Capital.

Trillions of dollars in loans held by European banks that will be sold off at rates as low as 40 cents to the dollar.

"You have banks who have to sell because of Basel III and because of the fact they have to deleverage. You can go in today and buy loans anywhere between 40, 50, 60 cents on the dollar," Lasry tells CNBC, referring Basel III, international banking standards that will toughen capital requirements.
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"They're senior, they're secured. You're buying from distressed sellers, and we think we're able to buy them today at good prices."

Investors haven't missed the opportunity yet.

"It's definitely the time to be looking around. I think the question is, is today the day you want to start investing? I think you want to start, and I would have told you three months ago it was a great time. I would tell you today is a great time and hopefully three months from now is a great time," Lasry tells CNBC.

Meanwhile, European Union leaders dropped their demand that investors share the cost of bailouts as Germany abandoned a campaign that helped deepen the two-year-old financial crisis, Bloomberg reported.

Limiting so-called private-sector involvement to the terms accepted in International Monetary Fund bailouts was part of a package agreed upon in Brussels early Friday as leaders met to forge tighter economic bonds to stem the crisis.




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Now is the time to invest in European assets because as tough new financial regulations kick in, banks will be selling them off at attractive rates, says billionaire hedge funder Marc Lasry, co-founder and CEO of Avenue Capital. Trillions of dollars in loans held by...
Lasry,Invest,European,banks
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2011-13-09
Friday, 09 Dec 2011 08:13 AM
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