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  • CLOs
    Trailblazer Vodafone reaches Eu65.5bn from co-arrangers
    The Vodafone Airtouch jumbo, launched at Eu30bn as the largest ever syndicated loan, has raised a total of Eu65.5bn in its sub-underwriting phase and provides the clearest evidence of the depth of European loan market liquidity. The Vodafone facility has moved fast from being one of the market's most challenging liquidity tests into what some bankers called a "no-brainer".
    March 10, 2000
  • Equity
    UK mart gives investors a taste of old and new
    THE UK market provided a mixture of the old and new economy this week with a placement of Royal Bank of Scotland (RBS) shares and a controversial increase in the price range for lastminute.com. Salomon Smith Barney and Schroders sold 34.85m RBS shares for Banco Santander Central Hispano (BSCH) this week, raising £306.68m.
    March 10, 2000
  • Bond Comments
    US Dollar Straights
    * CIT Group Inc Rating: A1/A+
    March 10, 2000
  • CLOs
    UNITED KINGDOM
    The $4bn loan for UK utility PowerGen should be launched to sub-underwriting co-arrangers early next week, via the five arrangers Deutsche Bank, Dresdner Kleinwort Benson (books), HSBC (agent), JP Morgan and Warburg Dillon Read (books). The banks have made equal underwriting commitments. The debt is divided into three tranches: a $1.5bn one year facility with a term out option; a $1.5bn five year term loan; and a $1bn five year revolver.
    March 10, 2000
  • Bond Comments
    US$ FRNs
    * Liberty Lighthouse Capital Co Rating: AAA/AAA (S&P/Fitch IBCA)
    March 10, 2000
  • Week at a glance: Fannie, Ford defy market
    SPREAD volatility and equity market gyrations created a challenging background for the few issuers willing to brave dollar markets. The only issuance was global, from US borrowers looking to leverage strong domestic demand and entice European and Asian investors. Most successful at this was Fannie Mae which this week launched a rare seven year benchmark, a $4bn 7.125% March 2007 transaction that enjoyed robust overseas demand, with some 15% of its bonds placed in Europe and 27% in Japan.
    March 10, 2000
  • CLOs
    WESTERN EUROPE
    Austria Merrill Lynch has wrapped up general syndication of the Eu120m senior leveraged debt package backing the recapitalisation of Steiner Industries. Banks were offered a choice of two tickets - Eu15m for a participation fee of 65bp and Eu10m for a fee of 50bp.
    March 10, 2000
  • Bond Comments
    Yen
    * KfW International Finance Guarantor: Kreditanstalt für Wiederaufbau
    March 10, 2000
  • RFC enjoys seller’s market
    RFC Mortgage Services Ltd, the UK non-conforming mortgage lender owned by GMAC's Residential Funding Corp, launched a £225m securitisation this week via Deutsche Bank. The deal's two triple-A tranches, with average lives of one and 4.6 years, priced at Deutsche's intended spreads of 22bp and 42bp over three month Libor - levels that market participants described last week as aggressive.
    March 10, 2000
  • SG is first to parcel Korean assets into dollars
    Société Générale this week closed an $81m securitisation for its affiliate Korean French Banking Corp (Sogeko) - the first South Korean term securitisation to be backed by domestic assets but sold in a foreign currency. As such, the deal brings to fruition years of work by Korean banks and lawyers and international ABS bankers, who have striven to get this kind of securitisation rated and sold since before the Asian currency crisis in 1997.
    March 10, 2000
  • Kensington woos US buyers with UK sub-prime in dollars
    UK non-conforming mortgage lender Kensington Mortgage Co made a bold bid to diversify its investor base this week by launching the senior tranche of its latest securitisation in dollars - a first for the UK non-conforming MBS market. Kensington pioneered cross-currency securitisation in the sub-prime market last October, when WestLB sold the senior tranche of its Residential Mortgage Securities 7 deal in euros.
    March 10, 2000
  • MSDW finds value in Banco di Sicilia NPLs
    Morgan Stanley Dean Witter will today (Friday) price a Eu380m securitisation of non-performing loans for Italy's Banco di Sicilia. Island Finance (ICR 4) SpA is Morgan Stanley's fourth securitisation of Italian NPLs, but unlike the earlier deals, which parcelled loans Morgan Stanley had bought from Italian banks, it is an agency securitisation.
    March 10, 2000
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