Hypo Alpe Adria Bank guarantee, offered a debt hair-cut to buy the senior bonds for 75% face value and 30% face value for subordinated bonds. On 4 August 2016, a private equity fund advised by Bain Capital purchased Heta Asset Resolution Italia S.r.l. (former Hypo Alpe-Adria Leasing S.r.l.) from Heta. During the year, Financial Market Authority also made a debt hair cut using the power as a resolution authority of EU "Bank Recovery and Resolution Directive", making the bad bank had a positive equity for the first time. Hypo Alpe Adria Bank Heta Asset Resolution A.G. is a "bad bank" that was the residual
Net current asset value Current Asset Value Strategy in London" the strategy produced a mean annualized return of 31.1% compared to 20.5% for the relevant benchmark between 1980-2005. Net current asset value The net current asset value (NCAV), commonly referred to as the Cigar Butt Investment Strategy, is an investment technique outlined by Benjamin Graham in Security Analysis. Graham suggests buying a well-diversified portfolio of stocks considered cheap because their Net Current Asset Value exceeds their Market Capitalization. Total Current Assets - Total Liabilities = Net Current Asset Value (NCAV) Number of Shares Outstanding × Current Price per share = Market Capitalization (MC) If: