"Long-term growth in the asset-backed market will come not
from banks but from corporates." So reckons Maarten Stegwee, head
of European asset finance at Credit Suisse First Boston. Speaking
at Euromoney's global borrowers' and investors' forum in London
last month, Stegwee explained why so many observers expect
explosive growth in corporate asset-backed issuance. "If we had the
luxury of redesigning the corporate balance sheet from scratch to
create the best possible long-term capital structure,
securitization would have a big role," he said.
Right on cue, one of the most eagerly awaited securitization deals
of the year was priced in the last week of June. Through a special
vehicle, TI Securitization, Telecom Italia raised e700 million of
debt secured by telephone bill receivables. The deal, arranged by
WestLB, BNP Paribas and Finanziaria Internazionale, marks the first
time receivables of this sort have been securitized. Telecom Italia
now hopes to become a regular visitor to...
