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First European Mobile ABS Deal On The Way
Bondweek--Institutional Investor Newsletters (September 3, 2002)

Orange, the European mobile phone company, is readying what will The deal will mark the first-ever securitization of mobile phone receivables in Europe and only the second European telecom ABS deal. Orange aims to securitize trade receivables. Orange is in the due diligence stages of selecting assets and determining the size of the deal. A company treasury official declined to say when the deal will be launched and would not confirm whether it has been mandated to an investment bank.

London-based ABS bankers say Royal Bank of Scotland and Citigroup are rumoured to have won the mandate. However, one banker says his securitization team is still pitching the deal. "It's just a rumour. I haven't heard it confirmed," he says. Calls to Marcus Giancaterino, head of European securitization at Citi and Thierry Sebton, a securitization official at RBS were not returned.

Other telecoms have been looking to do securitizations, including France Telecom, Orange's parent company. That deal, mandated to Deutsche Bank and Soci‚t‚ G‚n‚rale last year, is said to be on hold. Deutsche Telekom and KPN are also looking at deals, say London ABS bankers. In addition, Telecom Italia, which did the first-ever telecom trade receivables deal last year, has indicated it would like do another.



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