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Optimizing Asian trade
01 December 2006
In an innovative move in the Asian trading arena, Citigroup has lead arranged the first issue, by ABS Global Finance, of the world's first rated securitization of trade finance loans.
In a first for the trade finance world, ABS Global Finance, an Irish special purpose vehicle, has issued the first rated securitization of trade finance loans. The $198.9 million Regulation S/Rule 144A transaction was launched off a global programme, called the Citigroup Corporate and Investment Banking Asset Backed Securities Issuance Programme (CABS Programme). Citigroup Global Markets acted as the lead manager and arranger for the issue. "We're pleased to bring this innovative offering to the market. These types of transactions will allow us to continue to provide our trade clients with competitive pricing by freeing up risk capital for future transactions," says Claudia Slacik, global head of trade services and finance, at Citigroup.
In this maiden transaction, ABS Global Finance issued notes backed by corporate and commercial trade finance loans...
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