Distressed Credits Volley, OI Carve-Out Takes Off

  • 25 Apr 2002
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About $23 million of Federal-Mogul was auctioned off Wednesday in the 69 range as investors believe that asbestos claims will be settled soon. Last week the name traded as high as 66 before slinking back into the 62-63 range following reports that Carl Icahn and other bondholders have struck a deal with asbestos claimants. It is still unknown exactly how the bank debt will be dealt with as the restructuring negotiations continue, but investors are looking for value in near-term resolutions, explained one dealer.

Roughly $10 million of Enron is believed to have traded in the 11 3/4 range on Monday with the company's 8K filing which estimated the company would write-down $14 billion in assets. Owens-Illinois has carved out roughly $500 million of its revolver for a term loan and more than $10 million has traded to more traditional par players in the 99 3/4 to 101 1/4 range. The transaction has not closed yet but dealers are trading the name on a "when-issued" basis. The carve out was designed to make the paper more attractive to institutional buyers. The new piece holds a coupon of LIBOR plus 2 1/2%. 

  • 25 Apr 2002

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 BNP Paribas 10,542 20 18.00
2 Bank of America Merrill Lynch (BAML) 6,103 21 10.42
3 Citi 5,130 13 8.76
4 JP Morgan 4,681 6 7.99
5 Lloyds Bank 3,389 13 5.79

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 70,706.73 201 11.50%
2 Bank of America Merrill Lynch 60,472.76 166 9.84%
3 JPMorgan 48,700.30 139 7.92%
4 Wells Fargo Securities 48,082.68 138 7.82%
5 Credit Suisse 38,376.65 95 6.24%