Search results for

ING Barings has hired John Percival in its loans syndication team, reporting to Michael Clarke, head of syndications for Europe, the Middle East and Africa. Percival joins from UBS where he worked most recently as a member of the bank's asset sales and trading team focusing on loan sales.

CREDIT Suisse First Boston's Ffr800m securitisation of revenues generated by the Stade de France, the new stadium built to host the World Cup final, is structurally ready -- the lead is believed to be waiting only for the French government to approve the deal. The 15 year bullet issue will be guaranteed by triple-A rated Financial Guaranty Insurance Company (FGIC), and is backed by a loan from CSFB to the Consortium du Stade de France, which built the 80,000 seat stadium and will operate it for 30 years.

MORGAN Stanley Dean Witter this week launched the second ever bond to finance construction of a UK hospital under the private finance initiative (PFI). The £136m 30 year deal, guaranteed by AMBAC Insurance UK, will pay for a new building for Law Hospital in Wishaw near Glasgow. "When we started working on PFI projects three or four years ago, people were sceptical that you could finance them in the capital markets," said Peter Cane, a vice president at MBIA AMBAC International. "But the UK pension and life insurance companies which bought this deal are the natural investors for this kind of project -- they want long dated fixed rate assets to match their liabilities.

JOINT bookrunners Bacob, BBL and Bear Stearns will next week launch the first grouped securitisation for local social housing lenders in Belgium. Special purpose vehicle Belsca will issue Bfr7.785bn of FRNs backed by mortgages originated by 13 sociétés de crédit agréés (SCAs) in the Walloon region of Belgium. SCAs are local, privately owned mortgage lenders, which provide loans to first time homeowners under a framework of regulation. The transaction has the largest number of sellers included in any non-US securitisation. There are 75 SCAs altogether, so the lead managers intend to bring further deals for other institutions.

BANKERS Trust this week sold the first securitisation denominated in euros, with a Eu255m deal for Swiss railcar leasing company Ahaus Alstätter Eisenbahn. The transaction parcels leases on 5,336 standard freight cars -- this was also the first securitisation of freight rolling stock in Europe, and the first ever securitisation of railcars located in more than one country. "It was a very complex deal, and we are delighted that we could put together something that satisfied investors and AAE so well," said Nicole Downer, a senior associate in BT's international securitisation group. "The client replaced its bank debt on the cars with longer term finance at a much higher loan to value ratio and a much lower cost of funds."

MORGAN Stanley Dean Witter will next week launch a refinancing of Aircraft Lease Portfolio Securitisation 1994-1, the second of its deals for Irish based aircraft leasing company GPA. This is the third refinancing Morgan Stanley has conducted for its original series of deals for GPA. Each time, the exercise has extended the maturity of the debt, but this transaction also benefits from the technology Morgan Stanley developed with the Airplanes Group deal in 1996, to allow bonds to be paid down entirely from lease income, rather than through sales of aircraft, as initially intended with the Alps 92-1 and Alps 94-1 deals. The coupon on the 'A2' tranche of Alps 94-1 stepped up in November when it passed its expected maturity date with $98m of the $139m principal still outstanding.

* ING Barings will likely launch the first deal from Colonnade, the club borrowing vehicle it has structured for Dutch social housing societies, next week. The inaugural deal will be sized at Dfl 300m, or slightly bigger than expected to be norm, and have a 10 year bullet maturity.

GOSINVEST, an asset management and investment division of the Russian government, and the City of Moscow have awarded long term structuring and arranging mandates to Fredell & Co, the Swedish securitisation boutique. If they come to fruition, the mandates will likely be by far the most important yet to be awarded in the nascent structured finance markets of central and Eastern Europe. Gosinvest intends to raise finance for a wide range of state assets across Russia, while the City of Moscow plans to securitise revenues from the Moscow underground railway. "These are the best mandates you can get in Russia," said Peter Fredell, chairman of Fredell & Co. "Gosinvest owns oilfields, pipelines, trains, telephone lines, defence installations, and all the real estate Russia owns abroad -- basically, all the federal infrastructure.

JP MORGAN brought a new issuer to the Spanish mortgage backed market this week, with a Pta24bn deal for Caixa de Catalunya. "This is the first transaction since the new Spanish legislation on securitisation, though it was structured under the old law," said a securitisation official at JP Morgan in London. "The deal was very successful -- it was oversubscribed by 25%, and had a coupon which reflected the real cost of the deal.

Derivatives on pfandbriefe--the German mortgage bond market--have recently been opened up by the launch of a jumbo futures contract on the Deutsche Terminbörse.

Hong Kong Coreasia, a maker of eel food, has lowered its issue price due to difficult market conditions. Co-lead managers, NSC Securities and Tai Fook Securities set the price at HK$1, HK$0.13 less than previously. A total of 70m new shares are being issued.

MOODY'S placed Malaysia's A2 long term senior rating on review for possible downgrade last Friday. The agency rates Malaysia one notch higher than Standard & Poor's, and said that its decision was prompted by the prolonged financial crisis in the region and its effect on Malaysia's financial markets and economy.