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Whole business securitization called 'a coup' but doesn't reach $700m target
Fluvius, Kojamo and Affinity Water hold investor calls
Sandwich chain joins host of ABS issuers
There is no crock of equity gold at the end of the rainbow
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Standard & Poor’s is asking for comment on its plans to change SME CLO rating criteria — which could lower ratings by an average of four notches.
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Debt investors are being offered a €138m BWIC of auto ABS on Tuesday afternoon — a rare outing for an asset class which is often buy-to-hold.
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The monoline wrap – a guarantee product discredited during the financial crisis – took a small step back into the European bond market today, as Assured Guaranty announced it had stepped in to guarantee an old UK hospital bond, in place of Ambac.
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UniCredit closed a securitisation of loans to small and medium-sized enterprises on Tuesday. The bank placed the €150m 2.5 year ‘A1’ notes of the deal, known as Geldilux-TS-2011, with a third party investor, at a coupon of 130bp over Euribor. The investor in question was “very familiar with the [Geldilux] programme”, according to a source close to the deal.
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UniCredit is said to be lining up a new issue from its Geldilux SME programme, which could be priced as soon as Friday, perhaps with KfW backing. Details could not be confirmed as EuroWeek went to press, but if the deal is sold to the market, the spread will certainly be above the 96bp level achieved by the last Geldilux in September 2010.
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KfW says it will continue buying securitisations, keeping its structured finance platforms active, and participating in market initiatives in 2012. Its aim is to provide long term finance for small and medium-sized enterprises, particularly in Germany.