Fed-Mogul Trades Up On Anticipation of Asbestos Resolutions

  • 25 Apr 2002
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First Commercial Bank is believed to be the seller in a $23 million auction of Federal-Mogul at 69 Wednesday as market players anticipate coming resolutions to the company's asbestos liabilities. The name traded as high as 66 before slinking back into the 62-63 range three weeks ago following reports that Carl Icahn and other bondholders struck a deal with asbestos claimants. It is still unknown exactly how the bank debt will be restructured as negotiations continue, but investors are looking for value in near-term resolutions, explained one dealer.

Reports suggest that the bondholders might try to get the bankruptcy court to rescind the collateral liens that bank lenders have to the company's assets. Federal-Mogul has issued a statement that it has not agreed to any plan. Calls to G. Michael Lynch, executive v.p. and cfo, were referred to a spokeswoman who did not return calls by press time.

  • 25 Apr 2002

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

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1 Citi 13,091.24 36 12.36%
2 Bank of America Merrill Lynch 10,472.90 27 9.88%
3 Wells Fargo Securities 9,632.91 31 9.09%
4 JPMorgan 9,162.38 30 8.65%
5 Credit Suisse 4,676.43 10 4.41%