Kmart’s Fashionable DIP Hits The Rack

  • 07 Mar 2002
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Kmart's $2 billion debtor-in-possession facility jumped into the market this week as $25-35 million traded in the 101 3/4 to 101 1/4 range. Dealers said J.P. Morgan was selling and that both dealers and institutional players were among the buyers. A J.P. Morgan spokesman declined to comment. One trader attributed the popularity of the paper to the asset-backed nature and attractive coupon on the deal. "It's a no brainer," he said. J.P. Morgan, Fleet Retail Finance, Credit Suisse First Bostonand General Electric Capital Corp. led the deal, which includes a $200 million institutional piece. The name's original $1.5 billion credit facility took a back seat to its younger cousin. Dealers said the name scarcely traded in the mid-60s. Calls to John McDonald, executive v.p. and cfo of Kmart, were referred to a spokesman did not return calls by press time.

  • 07 Mar 2002

GlobalCapital European securitization league table

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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

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2 Rabobank 1,292.64 1 20.48%
4 BNP Paribas 598.25 2 9.48%
5 TD Securities Inc 241.54 1 3.83%