Citigroup Rolls Out Guam’s Second Tobacco ABS

Citigroup is marketing Guam’s second tobacco securitization. The $36.5 million Guam Economic Development and Commerce Authority Tobacco Settlement Asset-Backed Bonds Series 2007 will primarily be used to refund the country’s first tobacco bonds issued in 2001.

  • 05 Dec 2007
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-- Olivia Thetgyi

Citigroup is marketing Guam’s second tobacco securitization. The $36.5 million Guam Economic Development and Commerce Authority Tobacco Settlement Asset-Backed Bonds Series 2007 will primarily be used to refund the country’s first tobacco bonds issued in 2001, to pay for certain expenditures under Guam’s Tobacco Settlement Revenue Bond Act, to fund the debt service reserve account and pay the cost of issuance.

The bonds are backed by Guam’s pledged tobacco settlement revenues. The transaction is composed of three tranches, a $32.95 million BBB+ tranche, a $3.15 million BBB- tranche and a $439,680 BB tranche.

Citigroup officials did not return calls immediately.

  • 05 Dec 2007

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Citi 3,691 11 20.69
2 Morgan Stanley 2,420 6 13.57
3 Goldman Sachs 2,096 5 11.75
4 BNP Paribas 1,686 6 9.45
5 Barclays 1,565 4 8.77

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 47,881.49 152 10.95%
2 JPMorgan 40,615.47 114 9.29%
3 Wells Fargo Securities 37,061.63 106 8.48%
4 Bank of America Merrill Lynch 32,097.67 104 7.34%
5 Credit Suisse 28,257.94 85 6.46%