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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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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.
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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.
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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.
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VW’s Driver Eight German auto loan ABS pulled secondary market prices tighter this week, as lead managers Commerzbank and Société Générale priced the Eu690m class ‘A’ tranche at 70bp — up to 5bp inside secondaries at the time, though auto spreads were already coming in.
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Lead managers Commerzbank and Société Générale priced the Eu690m 1.83 year average life class ‘A’ tranche of VW’s Driver Eight German auto securitisation at 70bp over one month Euribor. This price was the tight end of guidance, which was low 70s, and the deal was 1.6 times covered.
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The first three securitised deals to launch this year have been in the asset classes that dominated the market in 2010 — Dutch prime, German autos, and UK prime.