search   Knowledge Bank printable version
 Knowledge Bank
 Deal Information
 Industry Events
 Advocacy Forums
 Site Utilities
 Free Offers

Click here to
Update Registration

Please be advised that the use of ®
is subject to the
Terms & Conditions

of use and the
Privacy Policy


Best viewed in

Knowledge Bank > Financial > General
Select an area

Special Extended free trial for site members.

ABS issuance slows as professionals head to IMN to broker deals
Asset Securitization Report--SourceMedia (November 13, 2006)

Donna Mitchell

Securitization professionals spent most of last week networking at Information Management Network's ABS East conference, virtually silencing their trading floors at home offices. Out of an expected $14 billion in issuance, less than $300 million in deals priced by press time.

Banc of America Securities brought its credit card deal - and the only transaction for the day - to market on Tuesday. BACCT, 2006-A13, a private placement transaction with a seven-year weighted average life and rated triple-A, priced at two basis points over Libor.

Although action on the primary issuance side was slow, there was plenty of movement among anticipated deals. Ford Floorplan Securitization Trust, Ford Canada's first securitization trust, said it would delay the closing date its planned C$1.5 billion ($1.3 billion) dealer floorplan securitization by one week. BMO Nesbitt Burns, Royal Bank of Canada and Scotia Capital acting as lead managers on the transaction. Also, Crown Castle International plans to come to market with a $1.5 billion deal secured by revenue from cellular phone tower leases. The company plans to use the funds to pay an outstanding term loan under a credit facility, and to help finance its purchase of Global Signal Inc.

Still, the IMN conference offered up previews of business in the pipeline. HSBC Bank is planning to launch a new structured investment vehicle (SIV) in the first quarter of 2007. Called Asscher Finance Ltd., the SIV will feature a three-tier capital structure that will invest in top-rated commercial paper and medium-term notes, A/A' rated mezzanine notes and leveraged income notes. By launching Asscher, HSBC hopes to develop more single-A asset securitization investors into buyers of SIV programs, said someone familiar with the situation.

Word has it that Mizuho Financial Group, the parent of Mizuho Bank, is close to securing a license that will allow it to land investment banking underwriting mandates in the US. The bank hopes to have that license by next year, potentially giving the securitization business a new name on the league tables.

(c) 2006 Asset Securitization Report and SourceMedia, Inc. All Rights Reserved.



© Copyright 2014. The Mayer Brown Practices. All rights reserved.

Mayer Brown is a global legal services provider comprising legal practices that are separate entities (the “Mayer Brown Practices”). The Mayer Brown Practices are: Mayer Brown LLP and Mayer Brown Europe – Brussels LLP, both limited liability partnerships established in Illinois USA; Mayer Brown International LLP, a limited liability partnership incorporated in England and Wales (authorized and regulated by the Solicitors Regulation Authority and registered in England and Wales number OC 303359); Mayer Brown, a SELAS established in France; Mayer Brown JSM, a Hong Kong partnership and its associated entities in Asia; and Tauil & Chequer Advogados, a Brazilian law partnership with which Mayer Brown is associated. “Mayer Brown” and the Mayer Brown logo are the trademarks of the Mayer Brown Practices in their respective jurisdictions.

Legal Notices | Attorney Advertising | Site Index | Contact Webmaster

*The site links listed on this web site are for reference use only.
The firm does not necessarily sponsor, endorse or verify the accuracy of the content contained in any of these sites.