In its end of year review, NAMA has noted that it expects to transfer the first €2bn tranche of its anticipated €4bn surplus to the exchequer in the second half of this year.
NAMA has noted that it expects to repay the last portion of its subordinated bonds (€1.06bn) in March, opening the door on the likely first tranche of the equity return to the State later in the year.
Furthermore, the end of year review notes that NAMA has generated €45.3bn of asset and loan sales and rental income over the past 10 years. It has provided 16,800 new homes directly or indirectly and has also delivered 4.2m sq ft of commercial office space in Dublin Docklands Strategic Development Zone.
More recently, it has also commenced the process of seeking a new partner for the development of its last remaining big asset, the development of a large portion of the Poolbeg West Strategic Development Zone (c.3,500 residential units and c.1m sq ft of commercial space).
According to Goodbody Stockbrokers, "NAMA’s subordinated bonds carry a 5.264% coupon with the listed bonds (Ballsbridge Repackaging) currently trading around 104.5 (pricing the accrual of the next coupon). NAMA had €3.3bn of net cash (and cash equivalents) at H119, so has ample cash with which to redeem the subordinated bonds in March."