Deutsche Bank Chief Reportedly To Leave
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Deutsche Bank Chief Reportedly To Leave

BondWeek is the leading news publication for fixed-income professionals, covering new deals, structures, asset-backed securities, industry and market activity.

Susan Estes, managing director and head of fixed income in North America at Deutsche Bank in New York, is reportedly leaving her post, according to an official familiar with her plans. Reasons behind the decision and whether Estes is continuing at the firm in another role, could not be determined. Estes, reached at work, referred calls to Harriet Benson, spokeswoman in New York, who declined to comment on whether Estes had left the position. Benson said Estes reports to Michele Faissola, global head of rates in London, but declined further comment. Faissola was traveling and could not be reached.

Estes took on the head role last September, replacing Thomas Paul, who was appointed to the newly created seat of chairman of the global markets interest rate risk committee.

 

U.K. Mental Health Group
Readies Whole Biz Deal

Britain's answer to the Betty Ford Clinic, The Priory, is preparing a whole business securitization backed by its cash flow and properties. Proceeds from the £210 million deal will be used to take out a bridge loan used to purchase The Priory from Westminster Health Care Group in an management buyout, says John Keane, an analyst at Fitch Ratings. The Royal Bank of Scotland is lead-managing the deal. Repeated calls to RBS were not returned. The deal is expected to be priced before the summer quiet period.

Priory Finance Co. will securitize 32 facilities which offer treatment in four main areas: acute psychiatric, secure psychiatric, neuro rehabilitation and young peoples' services. Keane notes The Priory is an aggressive growth business and receives most of its customers on referral from the National Health Service and is not as glamorous as the Betty Ford Clinic, although celebrities Kate Moss and footballer Paul Gascoigne have checked in for treatment.

There have been other healthcare-related securitizations in the U.K. from BUPA, GHG and most recently, Craegmoor--private hospital, nursing home and healthcare providers. All of these deals have been performing well according to Fitch's Keane and Vicky Jensen, also a Fitch analyst. They say these companies are a crucial part of the U.K.'s healthcare infrastructure.

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