Weekly Trade Roundup

Trading volume was light on the break of West Corp.'s $2.1 billion term loan into the secondary market Monday.The first, second and third liens of Reynolds and Reynolds' $2.485 billion financing broke last Tuesday in the secondary market. Ford Motor Co.'s five-year credit default swaps tightened 40 basis points to 620-625 after the auto maker posted a $5.8 billion third quarter net loss, a loss that fell within market estimates.

  • 25 Oct 2006
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West Corp. Trades Lightly
Trading volume was light on the break of West Corp.'s $2.1 billion term loan into the secondary market Monday. One trader estimated less than $20-30 million of paper exchanged hands. The loan broke at 100 3/8-1/2 and dipped to 100 1/4. Another dealer said there were several trades on the day of the break, but that trading was nil the following day. Lehman Brothers, Deutsche Bank, Bank of America and Wachovia Securities lead the deal, which Omaha Acquisition Corp. -- formed by private equity firms Thomas H. Lee Partners and Quadrangle Group -- will use to acquire West Corp. for $4.1 billion. The provider of outsourced communication solutions completed the deal last week. A call to a West Corp. spokesman was not returned. 

Mega Deal For Reynolds and Reynolds Hits Secondary
The first, second and third liens of Reynolds and Reynolds' $2.485 billion financing broke last Tuesday in the secondary market. The $1.64 billion first lien broke at 100 5/8-7/8 and finished the day at 100 1/2-3/4. The $520 million second lien broke at 101-102 1/4 and the $250 million third lien broke at 102 1/2-103 1/2 and dipped to 102-103. Deutsche Bank and Credit Suisse lead the deal, which finances Reynolds' $2.8 billion acquisition of Universal Computer Systems. Shareholders approved the merger last week. A spokesman declined comment.

Ford CDS Tightens As 3Q Results Match Estimates
Ford Motor Co.'s five-year credit default swaps tightened 40 basis points to 620-625 after the auto maker posted a $5.8 billion third quarter net loss, a loss that fell within market estimates. "The market was set up for bad numbers," said a trader. "People expected a significant loss, but the fact Ford came within the Street's estimates of EPS was a positive."

Ford posted a net loss of $3.08 per share. This compares with a $284 million net loss, or 15 cents a share, in the third quarter of 2005. A spokeswoman did not return a call.
  • 25 Oct 2006

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 BNP Paribas 13,295 25 18.56
2 Bank of America Merrill Lynch (BAML) 8,059 25 11.25
3 Lloyds Bank 6,979 21 9.74
4 Citi 6,256 16 8.73
5 JP Morgan 5,220 8 7.29

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 104,581.71 299 10.94%
2 Bank of America Merrill Lynch 86,347.40 249 9.04%
3 JPMorgan 80,990.39 237 8.47%
4 Wells Fargo Securities 77,934.65 225 8.15%
5 Credit Suisse 63,570.21 165 6.65%