Citi beats rivals to the Punch

Headline: Citi beats rivals to the PunchSource: EuromoneyDate: February 2001 Issuer: Punch GroupDeal: asset-backed securitizationAmount: £1.5 billionDate: June 2000Bookrunner: Citi/SSSBLead managers: Goldman Sachs and RBS Financial Markets         Watson: a lot of risk involved When Citi/SSSB snatched Punch’s £1.5 billion bridge refinancing mandate away from Morgan Stanley Dean Witter the securitization market […]

Headline: Citi beats rivals to the Punch
Source: Euromoney
Date: February 2001


Issuer: Punch GroupDeal: asset-backed securitizationAmount: £1.5 billionDate: June 2000Bookrunner: Citi/SSSBLead managers: Goldman Sachs and RBS Financial Markets




       
Watson: a lot
of risk involved
When Citi/SSSB snatched Punch’s £1.5 billion bridge refinancing mandate away from Morgan Stanley Dean Witter the securitization market jumped.

Mark Watson, head of syndicate at Citibank, has no doubt about the impact it made. “It was a monumental transaction for us and for the market,” he says.



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