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  • The Greek government last Friday launched its third securitisation - a Eu2bn deal backed by payments from the European Commission under the third Community Support Framework (CSF III). Jointly lead managed by BNP Paribas, Deutsche Bank, EFG Eurobank and NBG International, the transaction puts securitisation in Greece back on the agenda after almost a year since the last deal emerged from the country.
  • Westdeutsche Landesbank Girozentrale (WestLB) yesterday (Thursday) closed a $200m future flow securitisation for Akbank, the second largest private bank in Turkey. Akbank has completed a number of securitisations previously but in the volatile market conditions at present this deal surprised many.
  • Irish bank First Active this week launched its seventh mortgage securitisation from its Celtic programme, but the issuer does not expect to do another deal for around two years. Lead managed by BNP Paribas and RBS Financial Markets (RBS), the Eu650m deal is the largest Celtic transaction yet and the first to include a proportion of refinanced mortgages in its portfolio.
  • Fortis Bank Nederland is preparing a Eu1.3bn synthetic collateralised bond obligation backed by loans to the Dutch public healthcare sector. Lead managed by Bear Stearns and Fortis Bank, the deal is unusual. Because it is backed entirely by loans to just one industry sector it is difficult to compare it to other synthetic CLOs, while other healthcare deals have usually used a whole business structure.
  • The Italian treasury this week mandated Banca IMI, Deutsche Bank, IntesaBci and Lehman Brothers to lead manage a Eu2bn-Eu3bn securitisation of residential property owned by Italian state entities, including INPS and INAIL. The transaction will be the first under a government programme to dispose of real estate with an estimated book value of between Eu15bn and Eu30bn.
  • Kensington Mortgage Group, the UK lender of non-conforming mortgages, this week launched its largest securitisation to date: a £380m offering denominated in dollars and sterling. Lead managed by Barclays Capital (books), Bear Stearns, Morgan Stanley, NIB Capital and WestLB, the deal was unusual in that its senior piece, denominated in dollars, was sold to US money market funds under rule 2a7 of the Investment Company Act.
  • The asset securitisation and principal finance division of WestLB this week provided financial backing for the management buyout of a Scottish whisky distillery. It now intends to refinance the deal using securitisation in around three months' time. The senior management of JBB (Greater Europe), which was a wholly owned subsidiary of Jim Beam Brands Worldwide Inc, part of Fortune Brands Inc, paid £200m for the business.
  • Structured finance specialists this week chafed at the lack of new information about the UK government's plans for Railtrack, the railway infrastructure company it took into administration on October 7. But for participants in the ABS market, unlike share and bondholders, the winding-up of Railtrack is also an opportunity, since the outcome will almost certainly be some form of structured financing.
  • Tenovis GmbH & Co KG, a leading provider of business communication solutions in Germany, is preparing to launch the first rated German term securitisation to use a secured loan structure. Tenovis supplies office telephone systems and provides servicing and maintenance under contract. The company was created in 2000 when Kohlberg Kravis Roberts & Co acquired the private network division from Bosch Telekom.
  • As the South African reserve bank introduces measures designed to smooth the path of securitisation in the country, a number of companies are starting to line up deals. Plans are being put in place that could result in the launch of the first commercial mortgage backed securitisation and the first securitisation to be backed by residential mortgages.
  • * Credit Suisse First Boston has released price details for a Eu495m securitisation backed by commercial and industrial leases originated by SBS Leasing a division of Banca Lombarda. Lombarda Lease Finance is expected to offer a Eu440m triple-A piece at 35bp over Euribor, rated by Fitch and Moody's with a 2.3 year average life.
  • Robert Rossman, head of interest-rate derivatives marketing at Credit Suisse First Boston in New York, left the firm abruptly on Tuesday, according to a headhunter. Rossman joined CSFB earlier this year from J.P. Morgan where he was head of swaps marketing for the Americas.