Search results for

Morgan Stanley this week priced Clare Island BV, a Eu446.2m collateralised debt obligation managed by AIB Acquisition Finance. The transaction was only slightly delayed by the investigations into the forex fraud at Allied Irish Banks subsidiary Allfirst in Baltimore, US, while Morgan Stanley reconfirmed orders and investors completed their due diligence. The rating agencies asserted that the situation has no impact on the ability of AIB's acquisition finance unit to fulfil its duties as investment adviser to the transaction. Moody's and Fitch affirmed AIB's credit rating after the events.

Banca Popolare di Vicenza (BPV), located in the wealthy Italian Veneto region, this week brought a Eu319m securitisation of performing mortgages. Lead managed by Lehman Brothers, the deal is BPV's second mortgage deal, following a Eu324m securitisation in March last year, via Morgan Stanley.

UniCredito Italiano this week launched a Eu280.1m synthetic collateralised loan obligation, shedding the risk of a pool of loans to medium and large corporates. Lead managed by Deutsche Bank and UniCredit Banca Mobiliare (UBM) and arranged by Euro Capital Structures, the deal was structured in December, but was delayed due to market conditions.

Clover SA, the largest dairy company in South Africa, has announced details of a R350m ($31m) securitisation of its trade receivables via specialist financial services company Mettle Ltd. The transaction underlines a growing appetite for securitisation shown by South African investors, corporates and institutions. Special purpose vehicle Clover Capital offered a single tranche of fixed rate notes that mature in five years. The exact coupon is undisclosed because the notes were privately placed, but was set below the South African prime lending rate of 13%.

Axa Investment Managers offered a novel collateralised debt obligation last week, using liquidity lines as an alternative to funded notes, via Deutsche Bank. Axa has already launched three CDOs, including a high yield fund via Goldman Sachs in July last year named Concerto.

UK mortgage lender RFC Mortgage Services Ltd, a subsidiary of GMAC's Residential Funding Corp, last Friday brought its eighth securitisation to the market, a £600m deal backed by a pool of UK non-conforming mortgages. As one of the first mortgage deals in the market in 2002, RMAC 2002-NS1 was well received and investors responded positively to the GMAC name.

* Banco Santander Central Hispano is preparing to launch Fondo de Titulización Hipotecaria Hipotebansa 10, its 10th securitisation of Spanish residential mortgages. Observers believe that Deutsche Bank or JP Morgan will be awarded the distribution mandate for the Eu900m transaction. The deal was tightly bid in a competitive auction and is expected to be launched next week. * Annington Homes Ltd is expected to launch the tap of Annington Finance No 4 (AF4) on Monday. AF4 was a securitisation of UK ministry of defence housing acquired by Nomura in 1996.

Wachovia Securities will launch syndication of the $180 million credit for Right Management Consultants tomorrow. The credit backs the acquisition of U.K.-based Coutts Consulting Group and refinances existing debt. RMC specializes in career transition and organizational consulting and is buying CCG for approximately $108 million. The bank debt is split between a $90 million revolver and $90 million term loan "A" and is priced at LIBOR plus 2 1/4%. Fleet Bank, UBS Warburg and SunTrust Bank have signed on already said one banker. Lee Bohs, executive v.p., corporate development, did not return calls. A Wachovia spokeswoman declined comment.

Bear Stearns International has hired Reza Rezaeian, convertible arbitrage and default swap trader at Enron Credit in London, as a convertible asset swaps trader. Rezaeian said credit-default swap traders previously handled convertible asset swaps and he is the first and only planned full-time hire.

BNP Paribas is planning to issue synthetic collateralized debt obligations for the first time in non-Japan Asia in the coming months on the back of growing client demand. "It's a natural evolution," said Guillaume Dieu, director and head of Asia Pacific synthetic securitization in Hong Kong. He continued that the firm will look to issue its first synthetic CDO, likely USD1 billion in size, in the next three to six months and possibly two or three additional transactions of the same size later this year.

Kmart continues to rise this week climbing from a high of 68 last week to the 70-71 range by Wednesday. Deutsche Bank is rumored to have participated in a $15 million trade on Tuesday. Dealers who bought the name when it hit the low 50's range are looking to make a quick profit by selling at 70, one trader speculated. Market players believed trading on the name would not be as heavy as last week and that holders of the paper would wait to see if there is anymore potential upside.

For the complete results of Institutional Investor magazine's ranking of derivative dealers and products, please click here.