Whole business securitisations

  • Punch purchase proceeds

    Patron Capital has purchased 63.31 million of ordinary shares in Punch Taverns at 180 pence per share through Vine Acquisitions, the bidco set up with Heineken UK to acquire Punch Securitisation A (SCI 22 December 2016). The shares became available after Emerald Investment Partners withdrew its rival offer for the pub operator last week.

    The share purchase represents approximately 28.5% .......

    News 8 February 2017

  • Punch acquisition agreed

    Heineken UK has agreed a back-to-back deal with Patron Capital vehicle Vine Acquisitions to acquire Punch Securitisation A, which is secured by approximately 1,900 pubs across the UK. The move follows Vine Acquisitions' recommended cash offer of 180p per share for Punch Taverns, which operates over 3,000 pubs, valuing the company at £403m.

    Heineken UK will pay an aggregate consideration .......

    News Round-up 22 December 2016

  • Esoteric ABS forecast issued

    Continued slow economic growth should have a positive effect on US commercial and esoteric ABS sectors in 2017, including railcar lease, fleet lease and mobile phone financing securitisations, says Moody's. Modest global economic growth will also help aircraft securitisations and perhaps even restaurant whole business securitisations, although anaemic growth in global trade will be a negative for container lease ABS.

    News Round-up 14 December 2016

  • Liquidity facility reduction agreed

    Unique Pub Finance Co last week canceled £37m out of the £190m liquidity facility amount available to the UK whole business securitisation via an agreement with RBS. Going forward, the liquidity facility amount will be sized to cover the maximum amount of debt service over any future 18-month period, with the amount available for the class M and N notes .......

    News Round-up 28 November 2016

  • Commercial ABS team boosted

    KBRA has hired Xilun Chen to the role of senior director within its commercial ABS group, reporting to Anthony Nocera, md and head of Commercial ABS. Chen's focus will include contributions to the rating of whole business securitisations, aviation, container, PACE, solar and other transportation leasing assets. 

    Chen joins from S&P, where he focused on various esoteric ABS assets. Prior .......

    Job Swaps 20 July 2016

  • Big appetite

    ABS investors hungry for more deals

    While political developments on the other side of the Atlantic may have increased risk, US ABS still provides ample opportunities to invest. Gross ABS issuance is up to almost US$90bn for the year so far, as investor demand remains high.

    ABS spread widening in the immediate aftermath of the UK's EU referendum result was only modest and Wells Fargo structured .......

    News Analysis 5 July 2016

  • Veteran London trader tapped

    Imperial Capital Group has hired Jonathan Noonan as svp and a senior trader focusing on CMBS, pubs and esoteric ABS. He will join the structured products trading group in the firm's London office. Noonan joins from Bank of America Merrill Lynch, where he most recently was a director and ABS trader.

    .......

    Job Swaps 15 June 2016

  • Associations confirm STS support

    AFME, the European Fund and Asset Management Association (EFAMA), the International Capital Market Association (ICMA) and Insurance Europe have issued a joint paper backing EU efforts to develop a robust and successful STS framework. The associations believe that STS and the associated CMU could play a pivotal role in enabling non-bank funding alternatives across the region.

    The joint paper affirms .......

    News Round-up 3 March 2016

  • Black whole

    Whole business securitisation treatment unclear

    The path to eligibility remains unclear for whole business bonds when it comes to the securitisation criteria under Solvency 2. This has stalled new issuance and prompted pricing instability.

    "The regulators' sentiment on securitisation has somewhat reversed course and it is clear that certain types of securitisation are now seen more favourably," says Conor Downey, partner at Paul Hastings. "However, .......

    News Analysis 18 December 2015

  • Corporate team makes addition

    Mark Graham has joined Lloyds' corporate solutions team within capital markets, reporting to corporate securitisation head Ben Green. He will work on secured deals, comprising corporates and infrastructure. Graham has previously held a number of senior roles, including co-head of securitised products at Deutsche Bank.

    .......

    Job Swaps 9 November 2015

  • CPUK note exchange due

    A tender offer for CPUK Finance class B notes has been launched in connection with the acquisition of the Center Parcs group by an affiliate of Brookfield Asset Management. The move is considered a change of control under the class B note issuer/borrower loan agreement and, following the acquisition, the borrowing group is required to offer to repurchase the class .......

    News Round-up 21 July 2015

  • Opportunity knocks

    ECB presence expanding ABS investor mandates

    The ECB's ABSPP was a hot topic at IMN's 2015 Global ABS Conference, as it continues to exert downward pressure on European securitisation spreads. Panellists noted an expanding mandate among many investors, with relative value opportunities shifting towards the UK non-conforming RMBS and European CLO sectors.

    Jefferies md Craig Tipping pointed to a shift in investor mandate when he admitted .......

    News Analysis 24 June 2015

  • Whole loan pool acquired

    Distressed Capital Management (DCM) has purchased approximately US$207.57m of whole loans from RBS' RBSHD 2013-1 A, B1, B2, B3 and trust certificates. The portfolio consists of two sub-pools: seasoned fixed/adjustable-rate fully amortising and balloon reperforming and non-performing mortgage loans, secured by first liens on one- to four-family residential properties; and REO properties.

    "This acquisition represents high investor value on multiple .......

    Job Swaps 6 March 2015

  • Unexpected issuers

    Non-bank lender ABS activity on the rise

    The fact that OneMain Financial and Prosper - via BlackRock - have got deals away so early in the year suggests that the increased variety of asset classes and issuers that developed in the US last year should continue to thrive in 2015. Indeed, non-bank lender ABS is expected to account for a growing slice of the market.

    "The fact .......

    News Analysis 9 February 2015

  • Appetite for restaurant securitisation

    Highly franchised US restaurants are increasingly using securitisations to extract value for shareholders, Fitch notes. The agency expects this trend to continue as more companies move towards nearly 100% franchised operating models and the market for these types of deals remains open, especially for non-investment grade franchisers that are comfortable maintaining high levels of leverage.

    Most recently, Dunkin' Brands Group .......

    News Round-up 30 January 2015

  • Law change to affect pub deals

    Plans to give tenants of tied UK pubs the option of simply paying a market-rate rent are likely to hit pubcos' net income in the medium term, says Fitch. Higher letting and beer supply costs, combined with potentially shrinking revenues could damage earnings, with a number of whole business securitisation transactions being affected.

    Following last week's vote in the House .......

    News Round-up 28 November 2014

  • Unique exchange odds increase

    Enterprise Inns' latest results show income growth across the portfolio. With portfolio performance stabilised, the likelihood that the firm will look to reduce the amortisation profile on its Unique securitisation through a tender or exchange programme has increased, say Barclays Capital analysts.

    Enterprise Inns is now having to buy back debt above par in the securitisation. It will also want .......

    News 18 November 2014

  • Punch ratings disappoint

    Fitch, Moody's and S&P last week published their new ratings for the restructured Punch A and Punch B whole business securitisations. Barclays Capital European ABS analysts believe that Fitch and S&P's ratings will have disappointed bondholders, given how low they are relative to Moody's ratings.

    The Punch A A1F, A2F and A1V notes are rated Baa2/B+/BB (Moody's/S&P/Fitch), while the M3 .......

    News 14 October 2014

  • Punch restructuring launched

    All conditions to Punch's restructuring proposals have been satisfied (SCI passim). Following the termination of the interest rate swaps provided to the Punch A and Punch B securitisations, the issuer under the former securitisation has issued £123.4m in principal amount of super senior hedge notes to RBS and the issuer under the latter securitisation has entered into a £49m super .......

    News Round-up 10 October 2014

  • Punch exchange notes provisionally rated

    Moody's has assigned provisional ratings to four classes of notes to be issued by Punch Taverns Finance in line with the proposed restructuring of the securitisation. The issuance comprises £111.01m super senior hedge notes (rated Baa1), £67.5m A1(V) notes (Baa3), £45.79m A2(V) notes (Baa3) and £300m M3 notes (B2).

    The issuance of the class A1(V) and A2(V) notes will follow .......

    News Round-up 15 September 2014

  • Punch hit by restructuring uncertainty

    S&P has maintained its double-B minus (with negative implications) ratings on the Punch Taverns Finance A class A1(R) and A2(R) notes, while lowering the ratings on the class M1, M2(N), B1, B2, B3, C(R) and D1 notes (credit watch negative). The agency has also lowered to triple-C (credit watch negative) from single-B plus its ratings on the Punch Taverns Finance .......

    News Round-up 12 September 2014
×