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  • Bookrunners of European jumbo Pfandbriefe — 2000 (October 19, 2000)
    October 20, 2000
  • SNS Bank closes early, Dutch MBS pack ready to follow
    SNS Bank Nederland, Holland's fifth largest bank, launched its second securitisation this week with a Eu665m residential mortgage deal lead managed by itself and UBS Warburg. SNS and Warburg closed the book yesterday (Thursday), a day earlier than planned, preferring to lose some selling time to minimise the potential impact of deteriorating corporate bond markets.
    October 20, 2000
  • Punch’s £250m tap enlarges, diversifies first pub estate
    UK pub company Punch Group this week completed a £250m tap of its first securitisation in a deal that met a mixed response from investors in poor market conditions. Lead managed by Schroder Salomon Smith Barney, the deal finances the addition of 805 pubs to the portfolio backing Punch Taverns Finance plc, which was originally launched in March 1998.
    October 20, 2000
  • BNPP fashions Seiyu’s shops into sophisticated financing
    BNP Paribas this week launched a ¥31.3bn sale and leaseback securitisation of nine shopping properties owned by Seiyu Ltd, one of Japan's leading retailers. The deal builds on a complex template Paribas has fashioned in previous deals for fellow retailer Mycal Corp, incorporating multiple tranches of debt funded in different ways. BNP Paribas also became the first lead manager to cope with new accounting guidelines from the Japanese association of certified public accountants.
    October 20, 2000
  • Arrangers win INAIL mandate at head of state ABS queue
    Banca di Roma, BNP Paribas and JP Morgan are believed to have won a preliminary mandate from the Italian treasury to lead manage the securitisation of delinquent contributions to INAIL, the government agency that provides mandatory insurance for companies against industrial accidents to staff. The mandate is expected to be confirmed in the next few days, and launch will follow very swiftly - the treasury had hoped at the beginning of October to close the deal by the end of the month.
    October 20, 2000
  • Bristol & West’s first prime RMBS turns out Shipshape
    UK bank Bristol & West this week successfully launched its first securitisation of its core residential mortgage book with a £300m deal through ING Barings-BBL. Bristol & West joins Abbey National, Northern Rock, Bank of Scotland and the Bradford & Bingley Building Society on the roster of major UK lenders now using securitisation regularly to fund their mortgages.
    October 20, 2000
  • First Active’s flexible parcel sells out, brings new buyers
    UK mortgage lender First Active Financial plc successfully launched its £500m securitisation of flexible residential mortgages last Friday, despite deteriorating bond market sentiment. Led by JP Morgan, First Flexible No 3 plc offered £460m of senior notes rated triple-A by Moody's and Standard & Poor's and a £40m 'B' piece rated A1/A.
    October 20, 2000
  • KDB escapes tax, approval issues in BofA swap repack
    Korea Development Bank's unusual $240m financing, structured as a repackaged swap, was priced last Friday by lead managers Bank of America and KDB. The deal allows KDB to sidestep the requirement to gain regulatory approval for offshore fundraisings and protects the borrower against adverse changes in Korean withholding tax rules.
    October 20, 2000
  • Asia
    Sinopec twice covered, retail bid strong despite volatility
    Bankers report that the institutional book for the China Petroleum & Chemical Corp (Sinopec) IPO was around two times covered and that retail demand for the Hong Kong public offer is strong. However, with the global equity markets in turmoil, the deal was priced at HK$1.61, or $20.645 per American Depository Receipt (ADR) - in the bottom half of the bookbuild price range.
    October 13, 2000
  • Asia
    Goldman’s Singapore dollar debut given warm welcome
    Goldman Sachs debuted in the Singapore domestic bond market last week, launching a S$130m two tranche transaction via Development Bank of Singapore (DBS). Bankers outside the deal said it was generously priced, which contributed to a positive reception from investors.
    October 13, 2000
  • Asia
    Hyundai Electronics and Hyundai Motor to explore dollar bond issue — but poor market conditions likely to prevail
    Hyundai Electronics Industries (HEI) and Hyundai Motor are possible candidates to issue international debt over the next few months, as the companies seek to refinance large maturing debt schedules and extend their existing debt profiles. But with the technology sector under renewed pressure neither orrower is likely to hurry to market.
    October 13, 2000
  • Asia
    Japan’s MoF reduces NTT6 fees, leads to bag just $45m
    As the bookbuild for the jumbo NTT6 offering began this week, the Japanese ministry of finance (MoF) announced that the fees for the offer would be just 1.25%, well below the 1.65% for NTT5. The ministry also announced the deal would price at a discount of 3%-5%. This is a larger discount than the 2% for last year's sale of 952,000 shares by the government in the NTT5 offering. The indicated range for that offer was at 2%-4%.
    October 13, 2000
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