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10194

Hong Kong A number of banks are looking at providing a fundraising for Inchroy Credit Corp.

Europe

Australia Sponsor Visy Paper is tapping the market for A$300m after securing a site for its proposed Tamut Pulp and Paper Mill in New South Wales. ANZ Investment Bank, Citibank Australia, Commonwealth Bank of Australia and Westpac Banking Corp have been mandated to arrange the project.

* Export Finance & Insurance Corp

BRITISH Aerospace plc is poised to mandate Barclays Capital, Citibank, Deutsche Bank, Dresdner Kleinwort Benson, HSBC, Lloyds and Greenwich NatWest to arrange some £2bn of debt to support the £7.5bn acquisition of Marconi Electronic Systems from GEC. There has been speculation about the name coming to the market for some months as the consolidation and restructuring of the European defence sector gathers momentum. However, this week the talking began to take on a more definite edge.

10200

BRAZIL'S BNDES battled against rumours this week that its controversial corporate debt swap deal was being pulled, continuing as planned with roadshows and the setting of additional spreads on the five credit baskets of bonds in the offering. BNDES's is asking holders of existing Brazilian corporate bonds to swap them for a more liquid, 10 year bond issued by special purpose vehicle Brazilian Liquidity Transaction Co. (BLT), whose assets will be the tendered corporate bonds and a BNDES guarantee on interest payments for a certain period.

TUSSAUDS Group, the UK company that owns the Madame Tussauds waxwork museum in London and several leading theme parks in the UK, last Friday executed a £230m securitisation to refinance its leveraged buyout from media group Pearson last November. The transaction fits neatly into the growing family of long dated securitisations of a company's entire revenues, fostered by the UK's lively M&A culture, the appetite of its insurance companies and pension funds for long term fixed rate assets, and a legal environment that is unusually friendly to secured creditors.

TWO SPANISH savings banks this week brought the ninth mortgage securitisation from the TDA stable, sponsored by securitisation management company Titulización de Activos, with a Eu332.4m (Pta55.3bn) deal lead managed by Crédit Agricole Indosuez, EBN Banco and Société Générale. The borrowers comprised an experienced securitiser, Alicante based Caja de Ahorros del Mediterráneo, and a novice, Caja Laboral Popular. Based in Mondragon in the Basque country, Caja Laboral is Spain's largest credit cooperative, and belongs to the country's biggest industrial cooperative, Cooperativa Mondragon, whose diversified activities include hypermarkets, domestic appliances and manufacturing buses.

DEUTSCHE Bank opened a new front in its campaign to improve return on equity this week, with the first securitisation of loans from its global banking division. The Eu839.3m deal brings the total of the bank's outstanding securitisations to Eu6.74bn -- all launched in the last 12 months. Known as Globe 1999-1, the transaction also confirms Deutsche's policy of emphasising the distinct identity of the collateral backing each of its securitisation programmes through clear branding. Most major banks have structured CLOs with anonymous names such as ROSE and Millenium, conveying nothing about the underlying assets, and serving only to indicate that the vehicle is distinct from the selling bank's risk.