Search results for

Rating: Aaa/AAA/AAA Amount: $2bn

Rating: Aaa/AAA/AAA Amount: Sfr300m

Rating: Aaa/AAA Amount: $900m

Rating: Aaa/AAA Amount: Nkr1bn (fungible with Nkr1bn issue launched 07/01/03)

Rating: Aaa/AAA/AAA Amount: Dkr750m

UBS Warburg has begun marketing a Eu285m securitisation of German auto loans for FFS Bank, the German finance arm of Swiss car importer Emil Frey Group. The company carries out a range of lending activities, including general purpose and car dealer loans. Auto loans, originated through 2,000 dealers across Germany, account for around two-thirds of its total book.

Locafit, a leasing company majority owned by Banca Nazionale del Lavoro, this week finally completed Vela Lease, its inaugural Eu1.2bn securitisation of real estate, equipment and vehicle leases. The company had originally intended to bring the deal last quarter, but bookrunner BNP Paribas and joint lead manager BNL withdrew it from the market in November as heavy supply pushed spreads out across the ABS market.

Credit Suisse First Boston and Deutsche Bank this week launched Banco Internacional do Funchal's (Banif) debut RMBS transaction to an enthusiastic response. The Eu462m senior tranche, rated triple-A by all three rating agencies and averaging 4.74 years, was priced 1bp inside the previous two subsidised mortgage deals from Portugal.

Richard Cohen, head of Pacific Rim credit derivatives at Merrill Lynch in Tokyo and an industry veteran, has left the firm. He reported to Peter Walshe, head of credit products for the Pacific Rim in Tokyo. Market officials speculated that Cohen was let go as part of a global drive to reduce costs. Both Walshe and Takayuki Inoue, spokesman, declined all comment. Cohen could not be reached.

Merrill Lynch has hired Alan Galishoff, head of CMO trading and origination at JPMorgan in New York, in what is thought to be a new position as a proprietary mortgage arbitrageur. An official familiar with the move said Galishoff had been looking to shift from the client side to proprietary trading for several months. Galishoff, who was responsible for interest only/principal only (IO/PO) mortgage derivatives and collateralized mortgage obligations (CMOs) at JPMorgan, did not return calls.

Kmart's bank debt climbed up after the company released its plan of reorganization that estimated pre-petition lenders with $1.08 billion claims would receive roughly 40 cents on the dollar for their commitments. The bank debt was said to have traded in the 36 context, before ticking up to the 37-39 range with a few pieces changing hands. According to the bankruptcy documents, the plan represents a "compromise and settlement" regarding lender claims to guarantees provided by certain Kmart affiliates. The plan calls for the lenders to receive cash in lieu of equity in the reorganized company. "We believe that we have the general support of all the parties," said Ron Hutchison, Kmart's chief restructuring officer. A large portion of the cash distribution to the bank lenders will be provided by an investment by ESL Investments and Third Avenue Trust.

Greg Coules has joined J. P. Morgan Securities in a newly created position as a v.p. and distressed loan analyst, according to sell-side officials with knowledge of the hire. Coules was one of a number of high-yield professionals released from Morgan Stanley in November. He had spent three years at Morgan Stanley covering the broadcasting sector. Coules declined comment when reached at J. P. Morgan. He will report to Eric Rosen, managing director and head of the loan-trading group. Rosen declined comment.