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  • European ABS investors will be offered a new asset class later this year when AIG-MezzVest, a European mezzanine fund, launches its first securitisation. The Eu350m deal will parcel mezzanine loans made by the fund to support buy-outs and refinancings in a range of industries. However, the pool is less diverse than a conventional arbitrage collateralised debt obligation (CDO), so that investors will have to rely more heavily on the skills of the asset manager.
  • WesBank, the auto loan division of FirstRand Bank, last week closed a R2bn ($199.5m) partially-funded synthetic securitisation, transferring the senior risk to a portfolio of auto loans. Lead managed by Rand Merchant Bank, the deal is the second synthetic transaction to emerge from South Africa since the country's 1992 securitisation law was updated last year to allow synthetic and partially-funded securitisations. Shortly before the new legislation was passed the South African Reserve Bank raised capital adequacy requirements for banks from 8% to 10%, giving bank originators an added incentive to securitise.
  • WestLB and CIBC World Markets will next week launch the long awaited refinancing for boxclever, the UK consumer goods rental company. Boxclever was formed in June 2000 from the merger of Granada Home Technology and Radio Rentals, the two UK market leaders in renting equipment, mainly televisions and video recorders, to consumers.
  • Standard Corporate and Merchant Bank (SCMB), a division of Standard Bank Group, will break new ground in the South African ABS market this month, launching what is believed to be the country's first asset backed commercial paper conduit. It is the first bank to take advantage of an amendment to the securitisation law last December.
  • The Spanish securitisation market gathered pace this week as two banks launched packages of loans to small and medium sized enterprises (pymes) under the Kingdom of Spain's securitisation programme. Each year the government guarantees Eu1.8bn of pyme securitisation tranches to encourage bank lending to the sector. Six deals have already reached the market in the first two quarters, and a Eu600m deal for Caja de Ahorros del Mediterraneo is expected to be the last offering in the asset class this year.
  • Citigroup/SSB expects to price a $519m securitisation today (Friday) for US insurance company American International Group (AIG). The deal parcels loans made by AIG subsidiaries to the company's customers, enabling them to spread their insurance premium payments over a year.
  • Deutsche Bank returned to the European collateralised loan obligation market this week with a Eu3bn synthetic balance sheet deal that met with strong investor demand in a quiet sector. Deutsche last came to this market in December 2000 with the Eu2.5bn CAST 2000-2, part of a recognised and successful programme from the bank. Other series include CORE, Globe and Blue Stripe.
  • Adelphia Communications and Tyco International remain the top two names in the secondary market this week as investors try to anticipate what's next for the troubled companies. More than $40-50 million of Adelphia's Century Cable facility changed hands in the 78-81 range after its operating-company Century Communications filed for bankruptcy this week. "People are trying to find out where the right levels are now that its moved into distressed," said one dealer concerning the trades. Calls to the company's spokeswoman were not returned by press time.
  • More than $40-50 million of Adelphia Communications' Century Cable facility changed hands in the 78-81 range after its operating-company Century Communications filed for bankruptcy this week. The name had traded as low as 83 1/2 last week. "People are trying to find out where the right levels are now that its moved into distressed," said one dealer concerning the trades. Market players are also trying to anticipate which of the company's operating subsidiaries is the next to file and when that will be. "That's the million dollar question," said one trader. Calls to Adelphia's spokeswoman were not returned by press time.
  • J.P. Morgan and Bank of America are in the market with a $1.25 billion redux for Community Health Systems, a Forstmann Little & Co. firm, and are looking for a major price cut on the institutional tranches. The current "A," "B" and "C" tranches are priced at LIBOR plus 3%, 3 1/2% and 3 3/4%, respectively. But the banks want to roll those lines into one $800 million "B" tranche priced at LIBOR plus 2 1/2%. A $450 million revolver is also being refinanced, said a banker. Community Health operates full-service, acute care hospitals in nonurban areas where CHS is typically the prominent primary health care provider.
  • Lehman Brothers on Tuesday launched syndication of the $1.05 billion refinancing for Six Flags Theme Parks, a deal that includes a repriced $600 million "B" loan. The current investor appetite for "B" paper and Six Flags' need to refinance within the next two years were the drivers behind the decision to return to the market, noted Jim Dannhauser, Six Flags CFO. "We wanted to enter the loan market when it is attractive, while in the fourth quarter of 2004, the "B" begins to amortize and the revolver commitments would have expired," he stated. "Where the "B" has been bid and other issuers provided indications the market is attractive," he added. The existing "B" has always been over par, he said and has been bid in the 101-102 range. Pricing on the new $600 million "B" is LIBOR plus 2 1/4%, while on the old loan it is LIBOR plus 2 3/4%.
  • Extendicare Health Services is looking to take out its revolver borrowings and "A" and "B" paper through a $150 million senior note offering. The long-term care operator is also negotiating a new $100 million revolver, noted Philip Small, senior, v.p. of strategic planning. "There is some debt that is due in 2003, and we see the market as good for healthcare high-yield right now," said Small. Replacing the term loans with notes extends the maturity to 2010 and leaves the revolver undrawn, he added. Bank of America leads the bank facilities, but Small declined to say which bank would lead the new five-year revolver. Lehman Brothers is managing the note sale and according to one banker, is arranging a club-style syndication for the revolver.