Search results for

Guarantor: Caixa Geral de Depósitos SA Rating: Aa3/A+/AA-

Czech Export Bank (CEB) is understood to be looking for a Eu700m three year bullet facility. The transaction will be the largest ever for the borrower and has generated a great deal of interest in the market.

Compiled by Holger Kron Deutsche Bank, Frankfurt

Banca Antoniana Popolare Veneta this week launched a Eu1.035bn securitisation of performing residential mortgages via ABN Amro. Giotto Finance, BAPV's third securitisation, follows a quarter of heavy issuance which saw repeat issuers such as Banca Carige and Bipop Carire come to market. It is also one of the largest securitisations in the sector after Monte dei Paschi di Siena's Eu1.1bn Siena Mortgages deal last October, via Merrill Lynch.

When ASR Bank launched its latest Dutch residential mortgage securitisation, the deal met with overwhelming demand. Pricing was tight and investors were queuing up to participate in Delphinus 2002-1, lead managed by Fortis Bank (books), Merrill Lynch and Rabobank. "There were well over 100 orders and every single tranche was significantly oversubscribed," said Ashley Kibblewhite, director of ABS syndicate at Merrill Lynch in London. "ASR Bank did an extremely good job roadshowing and the tight pricing reflects the performance of their portfolio and of the Dutch mortgage market."

WestLB is expecting to launch and price Residential Mortgage Securities 12 plc on Monday. Final tranche sizes have still not been confirmed for the Kensington Group transaction. Price talk is the 3bp area over Libor on the short dated dollar notes. The remaining notes have a legal maturity of July 2036 with price talk of the low 30s on the sterling triple-A tranche, the high 20s on the dollar triple-A notes, 60bp over on the double-A rated sterling tranche, 100bp over on the sterling single-A notes and 250bp over on the sterling layer rated BBB+. * Credit Suisse First Boston is continuing the marketing of its collateralised fund obligation (CFO) for Investcorp Man-agement Services. Price guidance on the $365m deal is in the 60bp area over six month Libor on the $250m triple-A notes, 150bp-160bp over on the $65m single-A tranche and 280bp over on the $50m triple-B layer.

The securitisation market saw more activity this week from the insurance sector, when insurer Hiscox Syndicates 33 became the first Lloyd's syndicate to issue a catastrophe bond. Hiscox sold a $33m catastrophe bond via Aon Capital Markets conveying earthquake risk in the California and New Madrid, Missouri seismic regions in the US. Aon believes that the transaction represents both continued growth in the sophistication of the Lloyd's market and a step towards a standardised and simple cat bond structure.

Issuers tested demand for Italian consumer loan and lease backed paper this week as repeat issuers Italease and Compass, a consumer finance arm of Mediobanca, came to market. Even as they launched, investors were preparing for a Eu600m debut issue from Centro Leasing, via BNP Paribas and IntesaBci, with further consumer loan deals from Linea and a rumoured Eu1.7bn transaction from Fineco Banca, via Morgan Stanley.

The Japanese government is supporting a scheme to encourage companies to use intellectual property (IP) as a financing tool by securitising their patent rights. For several years the ABS market has struggled with the challenge of securitising IP. Popstar David Bowie securitised his back catalogue of songs in a $55m deal in 1997 and since then the market has been looking for more activity. The difficulty lies both in valuing the assets and in calculating the reliability of cashflows. IP securitisations have not got very far beyond the artistic sphere, where a unique product is offered.

Eircom, the Irish fixed line telecoms group, is set to be the next telecoms group to adopt securitisation. Lead managers Barclays Capital, Deutsche Bank and Goldman Sachs are preparing a deal. Although the structure is being kept tightly under wraps, a banker close to the issue said that it would be a large transaction slated for launch later this year.

This week saw another flurry of activity in the UK pub sector and the capital markets are set to take the strain again, with a planned securitisation from Pubmaster, a flotation by Punch (see Equities section), and another acquisition by Enterprise Inns. More acquisitions and possible securitisations are rumoured.

Credit Suisse First Boston has promoted Chris Carter, head of equity trading, equity derivatives and convertible sales and trading for the Asia Pacific region in Hong Kong, to global head of equity options. Carter, who will work from the firm's New York office, replaces Maurits Schouten, who resigned about three weeks ago, according to a firm official. Carter reports to Phil Vasan and Paul Calello, co-heads of CSFB's global equity derivatives and convertibles group. Calls to Carter, Vasan and Calello were referred to CSFB spokeswoman Victoria Harmon, who declined to comment.