Search results for

Kreditanstalt für Wiederaufbau (KfW) has completed its strategic issuance for the year with a three year euro benchmark that came inside all but three of the European sovereigns, effectively legitimising its claims to be treated as a government credit. The Eu5bn deal, through bookrunners Deutsche Bank, JP Morgan and Merrill Lynch, "seems," one syndicate official said, "to have been the right deal for the market."

Kreditanstalt für Wiederaufbau (KfW) has completed its strategic issuance for the year with a three year euro benchmark that came inside all but three of the European sovereigns, effectively legitimising its claims to be treated as a government credit. The Eu5bn deal, through bookrunners Deutsche Bank, JP Morgan and Merrill Lynch, "seems," one syndicate official said, "to have been the right deal for the market."

Morgan Stanley's credit derivatives team took part in an evacuation drill at one of the firm's London offices late Wednesday to test preparedness in the event of an anthrax attack. The firm evacuated its offices at 20 Cabot Square in London's Canary Wharf, according to a derivatives official involved in the drill. Euart Glendinning, a spokesman at Morgan Stanley in London, did not return calls.

Banca Popolare di Spoleto, the regional bank majority owned by Banca Monte dei Paschi di Siena, this week launched its first securitisation - a Eu271m semi-synthetic collateralised debt obligation backed by investment grade bonds and credit default swaps. Lead managed by Credit Suisse First Boston and MPS Finance, the deal sheds the risk of 37 corporate bonds from BPS' balance sheet. To diversify this pool, exposure to 31 US and European investment grade names is added through credit default swaps, totaling Eu155m, between CSFB and Anthea.

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.