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  • Mandated lead arrangers Danske Bank (agent), Royal Bank of Scotland and WestLB have released the list of banks signed into the Eu550m three year revolver for Anglo Irish Bank last Friday (July 12). A warm response from the market led to an oversubscription, and the loan was increased from Eu400m.
  • Rating: A1/A+/A Amount: £160m
  • EuroWeek understands that A1/A+/AA- rated Ente Nazionale per l'Energia Elettrica (Enel) is discussing refinancing a Eu5bn one year revolver that expires in November 2002 with its closest banks. JP Morgan and Mediobanca arranged the revolver, which had an initial margin of 25bp. The margin ratchets on a ratings grid. KBC this week launched a Eu100m term loan for BBB+ rated Veneto Banca into general syndication.
  • ABN Amro brought a new Dutch issuer to the market this week, offering exposure to residential properties in the Friesland region in the north of the Netherlands. Friesland Bank, the seventh largest Dutch bank, has an 11% market share in its home region and has begun to expand into surrounding regions.
  • Italian public entity INPS has added to its securitisation programme with a Eu3bn issue backed by delinquent social security contributions. Lead managed by Morgan Stanley, UBS Warburg and UniCredit Banca Mobiliare, Società di Cartolarizzazione dei Crediti INPS Series 5 and 6 add a further Eu3.7bn to the deal's pool of collateral.
  • The latest transaction in the KfW sponsored Provide programme will be launched today (Friday) by HVB RealEstate, Provide Comfort 2002-1. Price talk from HypoVereinsbank is 24bp-25bp on the triple-A notes, 40bp-44bp on the double-A tranche, 60bp-65bp at the single-A level and 145bp-150bp on the triple-B notes.
  • UK mortgage lender GMAC-RFC Ltd this week brought the ninth securitisation in its successful programme backed by non-conforming residential mortgages. Lead manager Bear Stearns International attracted nine new accounts to the RMAC name with three tranches of notes totalling £525m, issued by RMAC 2002-NS2 all wrapped by Ambac and rated triple-A.
  • Food receivables returned to Italian securitisation this week as Cremonini, a food manufacturer and distributor, launched a Eu120m securitisation of meat and food receivables. Lead managed by Abaxbank and Bank of America, the deal marks a return to the beginnings of Italian securitisation, when food companies such as Cremonini and Cirio, along with lease groups, were the most regular issuers through factoring Law 52.
  • The Dutch mortgage backed market welcomed an interesting addition to the family this week with a Eu1.4bn real estate transaction from Vesteda Woningen, the largest mutual residential property investment fund in the Netherlands. Brought by bookrunner Deutsche Bank, Vesteda Residential Funding I BV issued three tranches of triple-A rated notes. This rating was achieved thanks to deep over-collateralisation offered by the Eu3.98bn portfolio backing the deal.
  • Veneto Banca, a co-operative bank based in northern Italy, this week launched its debut ABS, a Eu373m securitisation of first ranking mortgages via Citigroup/SSSB and IntesaBci. Formed in 1999 by the merger of two local co-operative banks, Veneto chose to pool residential and commercial assets to reach a critical mass for securitisation, conferring a 100% risk weighting on the bonds.
  • Banca Agrileasing, the Italian bank that services the country's co-operative network, last week returned to market with its second securitisation of lease receivables, worth Eu756m. Agrileasing first came to market last May with a Eu520m deal lead managed by UBS with Mediobanca.