Asbestos Names Move On Hopes For Coming Resolution

  • 14 Apr 2002
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Federal-Mogul has fluctuated this week with roughly $15 - 20 million trading following news that Carl Icahn and other bondholders have struck a deal with asbestos claimants. Dealers said the name traded as high as 66 following the news on Tuesday, but that by noon Wednesday it had traded in the 62-63 range.

Immediately following reports of the deal, investors believed that the bank debt could be reinstated at par, one market player explained. New reports, however, suggest that the bondholders might try to get the bankruptcy court to rescind the collateral liens that bank lenders have to the company's assets. Federal-Mogul has issued a statement that it has not agreed to any plan. Calls to the company were not returned by press time.

Crown Cork & Seal has also traded up on the prospect for resolution surrounding its asbestos liabilities with $20 million of the name trading in the 90 1/2 ­ 91 1/2 range. The name has ticked up from 87 where it was moving three weeks ago on the rumblings that a refinancing plan was in order (LMW, 3/25). Calls to Timothy Donahue, senior v.p. of finance, were not returned by press time.

  • 14 Apr 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) 6,665 23 12.97
2 Citi 5,781 17 11.25
3 BNP Paribas 3,715 15 7.23
4 Barclays 2,853 9 5.55
5 Credit Suisse 2,783 8 5.42

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 99,250.27 279 13.13%
2 Bank of America Merrill Lynch 91,648.43 266 12.13%
3 Wells Fargo Securities 72,661.39 222 9.61%
4 JPMorgan 52,367.24 169 6.93%
5 Credit Suisse 41,885.89 127 5.54%