Structured Bonds - All Articles

  • Tickets please! Chilean bus company securitisation hits the road

    Inversiones Alsacia, a Chilean bus concession company, launched an innovative $464m securitisation this week. The 7.5-year deal was priced at 8%, with Bank of America Merrill Lynch, JP Morgan and Pierce, Fenner & Smith lead managing.

    • 18 Feb 2011
  • Punch notes flying despite support fears

    Punch’s securitisations have been on a roll this week, with cash prices on the M1 notes in Punch A trading up from 77 to 82.5 and yields on the senior notes coming in from the 9.5% area to 8%. This comes after a string of negative headlines last year suggesting that Punch might abandon Punch A and B, which are securitisations of cashflows from Punch’s tenanted pubs.

    • 11 Feb 2011
  • Stakebuilder sends Punch flying despite support fears

    Punch’s securitisations have been on a roll this week, with cash prices on the M1 notes in Punch A trading up from 77 to 82.5 and yields on the senior notes coming in from the 9.5% area to 8%. This comes after a string of negative headlines last year suggesting that Punch might abandon Punch A and B, which are securitisations of cashflows from Punch’s tenanted pubs.

    • 10 Feb 2011
  • Vanilla buyers stock up on Tesco’s £685m covered twist

    Tesco, the UK supermarket firm, made its fourth visit to the structured finance market this week, achieving its tightest pricing relative to its senior unsecured levels yet after a blowout success that boasted 123 orders in a book three times oversubscribed.

    • 04 Feb 2011
  • Tesco ‘corporate covered bond’ three times done

    Tesco Property Finance’s fourth capital markets outing was a blowout success, with an orderbook three times oversubscribed, and 123 orders in the book. The £685.1m 22.4 year expected life bonds are fully backed by Tesco, but if Tesco goes bust, investors have recourse to the underlying assets.

    • 03 Feb 2011
  • Tesco launches new leaseback CMBS

    Tesco has launched its fifth sale and leaseback CMBS, a £680m deal through Tesco Property Finance 4, arranged by Goldman Sachs, HSBC, and JP Morgan.

    • 01 Feb 2011