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Structured Bonds

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  • Société Générale is next in line to issue an auto backed deal, mandating on Wednesday for a deal from its German Red & Black shelf just as Volkswagen Bank’s Driver 10 auto ABS is in prime position to become the borrower’s tightest ever transaction.
  • Lazard has appointed Jasjit ‘Jesse’ Bhattal, the former head of Nomura’s wholesale business, as a senior advisor, just the latest high-profile hire from a firm that has shown its willingness to pay up to bring in big names.
  • Demand is expected to be strong for Volkswagen Bank’s Driver 10 auto loan ABS — despite initial price thoughts offering investors a small premium over very tight outstanding levels.
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    HSBC bankers are mourning the retirement of man so famous he needs no name — he is simply “that Irish guy who tells you when the fire alarm is about to be tested”.
  • Private equity company Lone Star, the main junior noteholder in Windermere XIV, has failed in its second attempt to change the special servicer on the transaction. Its proposal again failed by margin of less than 5% — though by a larger margin than in December.