Dura Automotive Bonds Plunge

Dura Automotive Systems' subordinated 9% '09 bonds tumbled 19 points to 29 1/2 on worse-than-expected second quarter results.

  • 28 Jul 2006
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Dura Automotive Systems' subordinated 9% '09 bonds tumbled 19 points to 29 1/2 on worse-than-expected second quarter results. Its senior 8 5/8% '12 bonds dropped three-and-a-quarter points to 80 1/4. Dura, an auto supplier based in Rochester Hills, Mich., posted a $131.3 million net loss for the quarter, compared to a net income of $3 million for the prior year's quarter. Adjusted EBITDA for the quarter was $21.4 million compared to $50.2 million in the same quarter a year ago.

The poor results were due to lower North American and European automotive production, a bad vehicle platform mix and the loss of a seat adjuster business, according to a company release. Net loss for the six months of 2006 was $138.3 million compared to a net loss of $1.9 million in the same period a year ago. A spokesman did not return a call seeking comment.

  • 28 Jul 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) 3,136 9 13.58
2 Citi 2,562 6 11.09
3 Goldman Sachs 2,150 3 9.31
4 Credit Suisse 1,822 6 7.89
5 Societe Generale 1,814 4 7.86

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 41,255.30 117 12.99%
2 Bank of America Merrill Lynch 37,631.92 109 11.85%
3 Wells Fargo Securities 32,082.26 89 10.11%
4 JPMorgan 20,969.41 64 6.60%
5 Credit Suisse 16,754.47 44 5.28%