Teksid Bonds Take Off On Sale Rumor

Teksid Aluminum's bonds jumped 30 points to trade at 92 on a potential takeover rumor.

  • 13 Oct 2006
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Teksid Aluminum's bonds jumped 30 points to trade at 92 on a potential takeover rumor. In response, the Italy-based maker of aluminum engine castings for the auto industry said it is exploring asset sales and is in talks with potential buyers. In a release, it said it has not entered into any definitive transactions and is uncertain any deal would take place.

Teksid's bonds were hurt in September because of trouble at Schefenacker, another European auto supplier. A dealer said Schefenacker, which saw its bonds trade in the high 20s this week, pulled down Teksid's debt as investors reassessed their holdings in the auto supply sector. Teksid's bonds fell 10 points in September to 64-67 (CIN, 9/06). A trader said a sale to another party would be positive for the bondholders. Teksid's bank debt hardly moved, trading around 100-101.

Teksid used to be owned by Fiat. In 2002, it sold its aluminum foundry to a group of investment funds led by equity investors, including Questor Management Company, JPMorgan Partners, Private Equity Partners SGR and AIG Global Investment Corp. Massimiliano Chiara, finance director, could not be reached.

  • 13 Oct 2006

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 6,415 22 12.84
2 Citi 5,781 17 11.57
3 BNP Paribas 3,530 14 7.06
4 Credit Suisse 2,783 8 5.57
5 Rabobank 2,633 4 5.27

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 98,544.62 277 13.26%
2 Bank of America Merrill Lynch 90,698.73 264 12.20%
3 Wells Fargo Securities 70,282.48 216 9.45%
4 JPMorgan 51,967.93 167 6.99%
5 Credit Suisse 41,545.25 126 5.59%