Search results for

THE Eurobond market will spring back into life next week with a flurry of dollar issues. Ford Motor Credit, General Motors and TMCC, Export Development Corporation and SEK are all to come imminently - all with five year deals and leading some bankers to worry about oversupply.

GERMAN reinsurer Hannover Re has used securitisation to add capacity to a new area of the insurance business with a DM100m transaction arranged by Rabobank. Known as L1, the deal parcels the risk of reinsuring life assurance contracts.

CREDIT Suisse First Boston will next month launch a Ffr800m Eurobond for special purpose vehicle Stade Finance, in a vivid demonstration of the growing attractions of structured finance for infrastructure projects in continental Europe. The 15 year bullet bond will be guaranteed by triple-A rated Financial Guaranty Insurance Company (FGIC) and will finance Stade de France, the stadium in the St Denis area of northern Paris newly built to hold this year's World Cup final.

DUTCH securities house Bank Labouchere will launch the second securitisation of its retail share lease contracts today (Friday). The Dfl 1.2bn deal, through special purpose vehicle Lease Assets Backed Securities II BV, will parcel revenues from some 100,000 contracts written by Legio-Lease, a subsidiary of Labouchere.

* Salomon Smith Barney priced the first securitisation for car manufacturer Hyundai's auto finance arm at the end of last week. Hyundai Auto Receivables Trust 1998-A offered two sequential senior tranches wrapped by MBIA - both priced two basis points tight of price talk. The $220m one year average life tranche came at 18bp over 12 month Libor, with a coupon of 5.9% and issue price of 99.98151.

UNIBANK Markets this week launched a Dkr1.35bn repackaging of five Danish mortgage bonds. The security was targeted at the same largely Danish investor base which buys mortgage bonds naked, but offers them a more sophisticated investment, since the issue is split into three sequentially amortising tranches.

The German pfandbrief--morgage bond--market shows a significantly divergent behaviour over the bund or swap market.

Following the introduction of the new market risk capital requirements recommended by the Basle Committee, this article will address some concerns raised about the methods of calculating the capital charges.

* Merrill Lynch is in the final stages of structuring a future trade receivables securitisation for a Chinese steel producer. The size of the deal will depend on two rating agencies' due diligence, but is likely to be at least $100m. The financing will be launched in the 144A market, possibly within the next two months, and probably without a monoline wrap. The transaction is believed to have been structured by a New York based team hired from JP Morgan. Before moving to Merrill, the group executed a similar deal for a Latin American steel company a year ago.