Search results for

Elgin Capital is expected to price its inaugural CLO next week. The deal, arranged by Citigroup, has been upsized to Eu350m. It is called Dalradian Euro CLO I and is expected to be more than 80% ramped at closing. The portfolio will comprise European leveraged loans.

South Africa's state electricity utility Eskom is preparing to launch the first issue from a R5bn ($824m) programme securitising the residential mortgage loans it extends to its employees. Lead managed by Absa, Nqaba Finance 1 Pty Ltd will offer R1.8bn ($296m) of bonds across four classes of notes.

Kensington subsidiary Money Partners launched its third deal last week, a £500m equivalent securitisation of UK non-conforming mortgages, offering sterling, dollar and euro bonds. The deal was lead managed by Morgan Stanley and RBS. Despite some investor jitters over recent reserve fund draws on several deals in the sector, the deal came inside or at the tight end of guidance across the capital structure.

Fin-Eco Leasing, the leasing arm of Capitalia, has begun roadshows for its latest securitisation of real estate, vehicle and equipment leases, just the second deal in the asset class this year. The only other deal was Banca Italease's securitisation of second loss risk, the Eu191m Italfinance, which was priced in March.

Guidance released this week for Obvion's second Storm deal of the year has sparked a rally in Dutch paper in the secondary market, re-igniting interest in a sector which has seen a relative dearth of deals this year.

Credit spreads this week followed what one analyst described as a see-saw effect of spread volatility, driven by the force of the bid from structured credit investors. After several weeks of relentless tightening since the last index roll, the week opened with traders optimistic that spreads might widen. However, any spread widening was immediately followed by a snap back as dealers hedging CDO positions took advantage of wider spreads to source risk and rebalance their positions. The Crossover index moved from 235.16 on Monday to 232.4 on Tuesday, widening again to 236.52 on Wedneday, before tightening back to 233.59 yesterday (Thursday), according to RBS research.

Lehman Brothers is launching a new UK non-conforming securitsation programme called Eurosail, which will replace its existing programmes: Southern Pacific Securities, Southern Pacific Financing, Preferred Residential Securities and recently acquired London Mortgage Company's Mars.

German renewable energy developer Plambeck Neue Energien has launched Europe's third securitisation of wind power farms, and the second such transaction this month. Lead managed by Dresdner Kleinwort Wasserstein, Alte Liebe 1 Ltd offered a Eu100m of notes rated triple-A by Standard & Poor's and Moody's, courtesy of a wrap by Ambac, making it the first such deal to incorporate a monoline wrap. The bonds have an underlying rating of BBB- by Standard & Poor's.

Remarks by Mr. Agustín Carstens, IMF Deputy Managing Director, at the 55thmeeting of the G30 group of developing countries in Mexico City

Private equity flows to high risk regions at threat, says Carlyle chief

Vito Tanzi, a former deputy finance minister of Italy and IMF director, argues that beefing up Fund surveillance will help to nip imbalances in the bud.