Headline: Corporates prefer securitization Source: Euromoney Date: July 2001 Author: Michael Peterson
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 the asset-backed market. With their familiar pools of capital drying up, telecom companies have little option but to scrabble for any available source of cash. |