FAXTOR SECURITIES B.V.

Doorbraak Faxtor: lancering eerste CDO Faxtor ABS 2003

Persbericht

Doorbraak voor Faxtor: lancering van eerste Collatoralized Debt Obligation (CDO) FAXTOR ABS 2003

Faxtor selecteert, accumuleert en beheert investeringsportefeuille van 308 miljoen Euro in 'Asset Backed Securities' in zgn. CDO format

FAXTOR ABS 2003-1 is na een relatief korte marketingperiode geheel geplaatst bij Europese institutionele beleggers

Amsterdam, woensdag 7 mei 2003 - De volgende passages zijn afkomstig uit een persbericht dat zal worden verspreid namens investeringsbank Bear Stearns en het in Amsterdam gevestigde Faxtor Securities B.V. (zie www.faxtor.nl). Voor Faxtor betekent de lancering van haar eerste CDO een erkenning van haar rol als gespecialiseerde speler in deze nichemarkt.

Faxtor ABS 2003-1 is the first cashflow arbitrage CDO of European mezzanine and subordinated asset backed bonds to be managed by Faxtor Securities.

The deal was rated by Standard & Poors and Moody's and was issued in a number of rated tranches, to offer investors both fixed and floating rate tranches at all rating levels, and 2 unrated tranches totalling Euro 15.5m:

FIGUUR 1: KAPITAALSTRUCTUUR

Tranche Bedrag Rating van Gemiddelde Pricing krediet- looptijd in
waardigheid (in jaren

A1E Euro 223.0m AAA/Aaa 7.2 6M Euribor + 55bps A2E Euro 23.0m AAA/Aaa 9.0 6M Euribor + 70bps A2F Euro 9.0m AAA/Aaa 9.0 4.745% A3E Euro 7.5m AA/Aa2 9.0 6M Euribor +90bps A3F Euro 15.0m AA/Aa2 9.0 4.945% BE Euro 5.5m BBB/Baa2 9.0 Euribor + 250bps BF Euro 9.5m BBB/Baa2 9.0 6.545% C1 Euro 9.8m Unrated 8% Coupon + Excess Spread
C2 Euro 5.7m Unrated n./a. 8% Coupon + Excess Spread

The transaction finances a portfolio of investments in European mezzanine and subordinated ABS selected and managed by Faxtor Securities. The portfolio was made up primarily of ABS backed by consumer and property related assets. The deal was sole lead managed by Bear Stearns and was marketed and sold throughout Europe to a diverse and widespread investor base.

Mark Moffat, Head of European CDOs at Bear Stearns: 'This is Faxtor's inaugural CDO and we are pleased that it has been so well recieved by both debt and equity investors alike. Whilst our significant franchise in European CDO of ABS is obviously a help, I do believe the reason for the deal's good response is down to a structure that is sensitive to current market conditions representating a defensive approach to the market and the specialist focus of the manager.'

Jurriaan Oerlemans, Managing Partner of Faxtor Securities: 'We are delighted to launch the first of what we hope will be many CDOs. This transaction underlines our strength as a specialist asset manager focused on niche market products.'


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