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  • Credit Suisse First Boston and JP Morgan this week launched a Eu500m credit card deal for MBNA America Bank. The seven year soft bullet notes carry a coupon of 4.15% and were priced at 99.9925 to give a spread of 25bp over mid-swaps. Legal maturity is in September 2012.
  • ABN Amro has arranged a novel securitisation to fund the acquisition of the German subsidiary of IT equipment lessor Comdisco, by Swiss-based Comprendium. The deal, funded through ABN Amro's multi-seller ABCP conduit Tulip Funding, is a rare example of an acquisition financed directly through a securitisation. The financing package, a loan secured on equipment lease receivables originated by the company, totals Eu510m including the purchase price as well as working capital finance.
  • Dresdner Kleinwort Wasserstein is roadshowing Rendite Finance No 2 plc, an Eu858m arbitrage CBO of euro denominated corporate and emerging market corporate and sovereign bonds managed by Allianz Dresdner Asset Management. The capital structure includes Eu285.5m of equity in the form of a subordinated loan from Rendite Lux. Above that are Eu600m of soft bullet bonds. The Eu560m triple-A notes will be split into two tranches, with one tranche guaranteed by Ambac Assurance. The split has yet to be determined.
  • RBC Capital Markets this week launched the UK's second PFI road bond in two months. The £152.429m wrapped deal is the first such securitisation to finance a road building project in Scotland. Connect M77/GSO plc offered one tranche of fixed rate notes. The coupon was 5.404%, and RBC priced the notes at a 100.0057 to yield 75bp over the 5% 2025 Gilt. The bonds average 23 years and mature in March 2034.
  • RBS Financial Markets has completed the inaugural issue for its new water finance vehicle, Artesian Finance 2, with a £30m fixed rate bond for Bristol Water. The offering was closed in conjunction with a £14.79m structured bond for the utility through the original Artesian, launched in June last year, which issues index-linked paper.
  • SNS bank this week returned to its Hermes programme with a Eu1.25bn securitisation of prime residential mortgages, one of the largest deals in the sector. Lead managed by Barclays Capital and Deutsche Bank, the deal was the first issue from the bank to include a dollar tranche and was an uncommon example of a Dutch MBS rated by Standard&Poor's, allowing structured investment vehicle investors to participate.
  • NM Rothschild&Sons this week inaugurated its real estate conduit with a £193.37m securitisation via Merrill Lynch. Rothschild set up Real Estate Capital Ltd (REC) in April 2002 with a £250m warehouse loan from Merrill Lynch. Unlike Morgan Stanley's European Loan Conduit (ELoC) programme, REC provides Rothschild with entirely off-balance sheet funding for its clients.
  • Choosing a cash management bank can be difficult when core services are so similar. But some houses manage to offer that little bit more to win clients' votes. By Pauline Loong. Polls team headed by Olivia Chow and Robert Law.
  • Home-grown institutions are often overlooked. They lack the global name recognition that comes from huge balance sheets and high-profile deals. But some have shown amazing abilities to survive and even thrive in a tough environment. For the second year, we name the local houses in the region's key markets that we believe deserve our accolades.
  • Worried AMP in jumbo
  • Australian publisher Fairfax successfully incorporated masthead financing in its NZ$1.1 billion acquisition of 80 New Zealand publishing titles last month. The deal also marks Deutsche Bank's continued ambitions in the region. By Mark B Johnson
  • A company that prides itself on providing new investment ideas has chosen an interesting time to market a Sharia-compliant fund. Ben Davies spoke to its founder and life assurance industry veteran Rick Richardson.