Austrian Shop Ramps Up Structured Product Vehicles

Vienna-based UNIQA Alternative Investments is looking to invest up to €75 million in collateralized loan obligations and another €40 million in euro-denominated commercial mortgage-backed and residential mortgage-backed deals, according to Philipp Mayer, portfolio manager.

  • 29 Apr 2005
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Philipp Mayer
Vienna-based UNIQA Alternative Investments is looking to invest up to €75 million in collateralized loan obligations and another €40 million in euro-denominated commercial mortgage-backed and residential mortgage-backed deals, according to Philipp Mayer, portfolio manager. He focuses on asset- and mortgage-backeds.

UNIQA is a specialist ABS and CDO manager with about €1.3 billion in third-party assets under management and is acquiring collateral to ramp up two CDOs of triple- and double-B collateral.

When investing in CLOs, Mayer said UNIQA will only participate in deals from experienced managers such as Babson Capital Europe and Alcentra Group.

In RMBS, Mayer currently favors bonds backed by Dutch collateral because of its high quality and the lack of spread tiering between regions. He recently participated in Aegon Life's €1.23 billion Saecure 5 transaction. "The triple-Bs offered 43 basis points, 2bps less than [Spanish bank] Bancaja's RMBS deal, but performance on Dutch deals has been very good despite a tough economic background."

On the CMBS side, Mayer noted double-Bs still offer an attractive pick-up over triple-Bs. "Double-B CMBS tranches are offering between 325 and 375bps, well above the 70bps offered for triple-Bs, yet the difference in subordination is only very small," the manager explained. "We prefer diversified CMBS to single-property portfolios," said Mayer, although he declined to discuss issuers or regions that offer good value.

  • 29 Apr 2005

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 280,265.07 1033 8.97%
2 JPMorgan 255,894.98 1165 8.19%
3 Bank of America Merrill Lynch 248,918.80 861 7.97%
4 Goldman Sachs 192,023.30 615 6.15%
5 Barclays 183,846.60 703 5.89%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
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1 HSBC 28,458.91 116 7.05%
2 Deutsche Bank 26,902.99 90 6.66%
3 Bank of America Merrill Lynch 24,997.04 70 6.19%
4 BNP Paribas 21,217.62 120 5.25%
5 Credit Agricole CIB 19,454.23 112 4.82%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 13,671.74 61 7.87%
2 Citi 12,076.06 76 6.95%
3 Morgan Stanley 11,899.85 66 6.85%
4 UBS 11,800.30 47 6.80%
5 Goldman Sachs 11,111.93 58 6.40%