Cinven mandates banks for rare insurance ABS

Bank of America_PAImages_3Feb2020
By Tom Brown
22 Sep 2020

Private equity firm Cinven has mandated arrangers Bank of America along with joint leads Lloyds, Royal Bank of Canada and Société Générale for a rare insurance premium ABS deal, boasting a £1.04bn portfolio.

Three tranches are set to be publicly syndicated, including a 1.94 year senior tranche. All three are set to offer floating rate coupons over Sonia.

The portfolio is split 39.37%/60.63% between retail and commercial loans, with a weighted average remaining term of 5.78 months, originated 94.24% from the ...

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