Search results for

GOLDMAN Sachs this week added a new name to the growing supply of Deutschmark denominated high yield corporate paper with the launch of a DM50m subordinated deal for Nordenia International. The issuer is a medium sized or Mittelstand company from northern Germany which specialises in synthetic packaging. It is a family controlled and run company, which also benefits from a 20% part-ownership by DG Bank.

12761

Domestic issuance * Sonae Investimentos

* International Finance Corp

Finland The well priced DM1.25bn revolving credit being arranged for Enso Oy by Bank of Tokyo-Mitsubishi Ltd, Commerzbank AG and WestLB has attracted strong support at the initial senior lead phase.

WESTPAC brought new groups of investors into the growing Australian mortgage backed market today, when it priced A$500m of mortgage backed notes. Progress 1997-1 Trust is the first Australian MBS to have three and five year bullet tranches; until now most of the product in the market has been in the form of pass-through bonds with a 10% clean-up call around the 10 year mark.

BAYERISCHE Vereinsbank privately placed $300m of Eurobonds on Tuesday, backed by shares in the FFTW-Freddie Mac Gold PC Mortgage Libor Fund, which is managed by Fischer Francis Tree & Watts. The deal, through special purpose vehicle American Mortgage Corporation, is aimed at tempting risk averse investors with short time horizons.

BANK Labouchère will today launch the first ever securitisation of share leasing contracts. The

NATWEST Markets will launch its $5bn+ Rose 2 securitisation as early as the end of next week. Like the October 1996 Rose 1 transaction, the deal will package up loans advanced to corporate customers by NatWest. "We have made it as close to the first deal as possible," said Andy Clapham, head of the securitisation group at NatWest Markets.

* The circa £1bn securitisation of residential mortgages for the Bradford & Bingley building society will be launched in the middle of October. The transaction, to be lead managed by NatWest Markets, will securitise part of the Mortgage Express portfolio acquired by the Bradford & Bingley earlier this year. * Sumitomo Bank's twin $2.5bn securitisations of European and US corporate loans are expected to appear early in 1998. An investment bank has been mandated in New York, and is liaising with Sumitomo in London, which is structuring the European issue -- it is not yet clear whether the two deals will be launched simultaneously.

NEW YORK CITY achieved its lowest cost of funds since 1972 with a $650m issue by the new Transitional Finance Authority in the domestic tax exempt market on Wednesday. NYTFA enjoys a statutory first right to the city's income and sales tax revenues, and is bankruptcy remote from both the city and New York State.

NOMURA will make its first exit from one of its principal finance ventures in November when its securitises a portfolio of around 1,100 UK pubs. The securitisation of the Phoenix Inns estate will come in a three tranche transaction. While few details are yet available, market sources said it seemed likely that the transaction will total between £210m and £220m.