Weekly Trade Round Up

Two bids wanted in competition on portfolios totaling a little more than $200 million in assets hit the market this week amid a larger rally.

  • 15 Apr 2009
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Two BWICs Hit Market

Two bids wanted in competition on portfolios totaling a little more than $200 million in assets hit the market this week amid a larger rally. Bids were due Tuesday on a $67 million portfolio launched out of Bank of America, and bids are due tomorrow on a $137 million portfolio. It could not be determined where the second portfolio was from, but the portfolio manager said it was shown by Credit Suisse.

Neiman Marcus Rallies Despite Skipping Cash Interest Payment

High-end fashion retailer Neiman Marcus Group’s term loan jumped Tuesday after the company said it would defer interest payment on its senior toggle notes due 2015. The loan was trading at 66-68 late Tuesday, up from 63 1/2 on Monday, said traders, noting the loan was trading actively. Investors may also be looking to more senior parts of the capital structure. When a company defers interest payments, it helps the company in terms of cash preservation, but it increases the amount of debt outstanding, said Bob Veno, analyst at KDP Investment Advisors.

MGM Mirage Gains On City Center Amendment

MGM Mirage’s bank debt closed up a couple of points Tuesday on news the company obtained an amendment to its senior credit facility. The term loan was trading at 47-52 on Monday, but moved up Tuesday afternoon to 51-53. The loan was trading as low as 40-45 on March 18.

General Motors Credit Climbs Despite Continued Uncertainties

General Motors Corp.’s bank debt continued a steady rally this week despite the troubled automaker’s still uncertain future. The term loan was trading at 53 1/2-55 1/2 Wednesday, up three to four points on the day. “Autos are higher today,” he noted. Tuesday the loan was trading at 50 1/2-51 1/2. Monday it was still trading in the 40s, and closed last week in the mid 40s, the trader said. The first week of April the loan was trading as low as 41-43 1/2.

The Obama administration’s auto task force has set a June 1 deadline to devise a new reorganization and debt restructuring plan after it rejected a previous proposal by GM earlier this month.

  • 15 Apr 2009

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) 7,026 25 11.95
2 Citi 6,449 21 10.96
3 BNP Paribas 5,093 18 8.66
4 Barclays 4,040 11 6.87
5 Lloyds Bank 3,615 14 6.15

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 1,712.34 6 12.44%
2 SG Corporate & Investment Banking 1,292.64 1 9.39%
2 Rabobank 1,292.64 1 9.39%
4 Mizuho 1,215.54 3 8.83%
5 Wells Fargo Securities 1,012.71 4 7.36%