Assets under management at Gulf International Bank (UK) Ltd have topped USD 15 billion with the launch of its FAB CBO 2005-1.
The transaction, the latest in GIB's series of CBOs of European mezzanine and subordinated asset backed securities, was rated by Standard & Poors and Moodys, and is to be managed by the London based Financial Markets & Asset Management Division of GIB. Bear Stearns acted as lead arranger and sole bookrunner.
The EUR 300m transaction, which was marketed and sold throughout Europe, is the fourth in a series of CBOs of asset backed securities and is the eighth structured product managed by GIB. It increases the total structured product assets managed by GIB to USD 1.6bn, the majority of investors being European financial institutions including banks, building societies, insurance companies and pension funds.
Alex Veroude, head of structured products and corporate debt said: "In the current market, where it has been challenging to complete cash flow ABS CBOs, we are pleased to get this transaction completed at a level that is consistent with our high quality standards".
Background notes: GIB became the first manager of a CBO of European mezzanine and subordinated asset-backed bonds in 2002 and has an ABS manager rating of CAM2 with Fitch and a detailed ABS Manager Focus report with Standard and Poors.