Kmart Paper Recovers Slightly

  • 23 Aug 2002
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Kmart's bank debt regained some ground last week, with a trade occurring at about the 40 level. The paper had sunk more than 20 points to the mid-30s two weeks ago after the company filed a motion to amend its debtor-in-possession facility, including the request for an additional $500 million of availability and relaxed covenants. The company has since sought to clarify the market's misunderstanding of its cash-burn rate and its funding needs (LMW, 8/19).

In addition, the embattled retailer announced a list of cost-cutting initiatives last week, including plans to save the company $66 million for its current fiscal year and $130 million annually. These initiatives include the elimination of low-priority projects and roughly 400 positions at its corporate headquarters. Calls to Albert Koch, cfo, were not returned by press time.

  • 23 Aug 2002

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 %
  • Last updated
  • Today
1 Citi 98,446.48 276 13.35%
2 Bank of America Merrill Lynch 90,174.33 262 12.23%
3 Wells Fargo Securities 70,282.48 216 9.53%
4 JPMorgan 51,967.93 167 7.05%
5 Credit Suisse 41,447.11 125 5.62%