Italy revs up asset-backed loans

Article Abstract:

Banca del Salento's sale of 425 billion lire of asset-backe bonds marks a significant milestone in Italy's asset-backed securities market. Even after the deal that involved the largest private credit institution in southern Italy, the country's market is still small compare with those of other European nations. The asset-backed securities market will remain small until lawmakers in Italy approve a bill that eliminated barriers to securitization. In the propose bill, banks will be allowed to sell nonperforming loans in the asset-backed bond market. Such policy would lift a huge burden from banks in southern Italy, which are burdened with between eight trillion lire, or $4.56 billion, and nine trillion lire in nonperforming loans.

Comment:

Its sale of 425 billion lire of asset-backed bonds marks a significant milestone in Italy's asset-backed securities market

Italy, Asset sales & divestitures, All Other Nondepository Credit Intermediation, Official Credit Institutions, Financial institutions, Banca del Salento

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Deutsche Bank jumps on CLO bandwagon

Article Abstract:

Deutsche Bank AG has joined the collateralized loan obligations (CLOs) bandwagon with the offer of 4.3 billion marks, or $2.41 billion, of such loans. The new financing technique is becoming popular among European banks because CLO allows them to raise shareholders' value and obtain a wind fall of cash and capital with no apparent debt. Offering CLO allows banks to free up capital that would otherwise be confined to insuring the bank against loan defaults. The bans, then, are free to use the capital toward more lucrative ventures.

Comment:

Joines the collateralized loan obligations (CLOs) bandwagon with the offer of 4.3 billion marks, or $2.41 billion, of such loans

Commercial Banks, Commercial Banking, Germany, Services introduction, Deutsche Bank AG

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Boo.com loses another manager as investors fume

Article Abstract:

Rob Shepherd, chief technology officer of online retailer Boo.com, will leave his post to join Chello Broadband NV as managing director.

Netherlands, Television Broadcasting, Television broadcasting stations, Executive changes & profiles, Officials and employees, Television broadcasting industry, Appointments, resignations and dismissals, Chello Broadband N.V., Shepherd, Rob, boo.com Group Ltd.

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