Weekly Trade Round Up

Movie Gallery's bonds and bank debt fell on the announcement Apple Computer has launched a new movie service; Dura Automotive Systems' bank debt fell to 96 7/8 from close to par, where it was trading a week ago, on concerns the value of the collateral backing the loans may not be as high as expected; and Visteon Corp.'s bonds outperformed the rest of the sector early this week on market expectation the auto supplier is close to being bought by either a group of private equity firms or by competitor Valeo.

  • 13 Sep 2006
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Movie Gallery Bonds, Loans Fall As Apple Rolls Out Movie Service
Movie Gallery's bonds and bank debt fell on the announcement AppleComputer has launched a new movie service. A dealer said the market is concerned the service will discourage more people from going to movie rental stores. Movie Gallery's 11% '12 bonds fell four points to 60. Its term loan "B" was down 3/4 of a point to 93-94 1/2.    

It is the first time Apple has provided movies as part of its iPod product service. The new product, iTunes 7, will allow users to watch TV shows and movies. Its iTunes Store is now offering more than 75 movies customers can buy and download to watch on their computers and iPods. A Movie Gallery spokesman declined to comment.

Dura Investors Worried About Collateral Value
Dura Automotive Systems' bank debt fell to 96 7/8 from close to par, where it was trading a week ago, on concerns the value of the collateral backing the loans may not be as high as expected. Its 9% '09 bonds fell two-and-a-half points to 12.

Dura is close to filing for bankruptcy, according to market sources (CIN, 9/11). The auto supplier has retained outside consultants to evaluate its capital structure. Dura's bonds tumbled 19 points at the end of July after it posted a $131.3 million net loss (CIN, 7/31). A Dura spokesman was not immediately available for comment.

Visteon Outperforms Auto Sector
Visteon Corp.'s bonds outperformed the rest of the sector early this week on market expectation the auto supplier is close to being bought by either a group of private equity firms or by competitor Valeo. Its 7% '14 bonds were up three points to 95-96, while its 8 1/4% '10 bonds reached 102. Auto bonds were also up across the board on news that Ford Motor is cutting staffing and benefit costs by 30% as part of a restructuring plan. A dealer said the market views the cuts along with the lower cost of oil as a positive for the auto sector. A Ford spokeswoman did not return a call.
  • 13 Sep 2006

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Share % by Volume
1 Societe Generale 41.30
2 Rabobank 35.35
3 Morgan Stanley 11.45
4 BNP Paribas 5.95
4 Credit Agricole 5.95

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 16 Jan 2017
1 SG Corporate & Investment Banking 1,260.06 2 126,006,164,037.19%
2 Rabobank 1,081.86 1 108,185,922,974.77%
3 Wells Fargo Securities 430.57 1 43,057,020,785.00%
4 SK Securities 192.86 1 19,286,162,593.99%
4 Meritz Financial Group Inc 192.86 1 19,286,162,593.99%